Stock Track | Leapmotor Shares Soar as Company Forecasts Exceeding Annual Sales Target

Stock Track11-12

Shares of Chinese electric vehicle maker Zhejiang Leapmotor Technology Co Ltd (09863) soared by 6.24% on November 11, 2024, as the company announced expectations of surpassing its annual sales target for the year.

In its third-quarter earnings report, Leapmotor revealed that it had delivered 86,165 vehicles during the July-September period, representing a 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.

The upbeat sales outlook reflects Leapmotor's growing popularity in China's booming electric vehicle market. With its innovative product lineup and competitive pricing strategies, the company has positioned itself as a leading player in the domestic EV space, capitalizing on the increasing consumer demand for environmentally-friendly transportation options.

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