Stock Track | LEAPMOTOR Soars as Annual Sales Expected to Exceed Target

Stock Track11-12

Shares of Chinese electric vehicle maker Zhejiang Leapmotor Technology Co Ltd (09863) surged by 5.31% on November 12, 2024, after the company announced expectations of surpassing its annual sales target for the year, driven by robust third-quarter performance and growing popularity in China's booming EV market.

In its third-quarter earnings report, LEAPMOTOR revealed that it had delivered 86,165 vehicles during the July-September period, representing a remarkable 94% year-over-year increase. The robust quarterly performance, coupled with narrowing net losses, put the company on track to exceed its initial annual sales guidance of 250,000 units.

LEAPMOTOR's upbeat sales outlook reflects its strong positioning in China's electric vehicle market. With its innovative product lineup, competitive pricing strategies, and the increasing consumer demand for environmentally-friendly transportation options, the company has solidified its position as a leading player in the domestic EV space, capitalizing on the rapidly growing market.

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