Hong Kong-listed Chinese NEV maker Leapmotor announced its first-quarter 2025 earnings late Monday, reporting a surge in revenue driven by strong vehicle deliveries and a notable narrowing of net losses.

The company posted revenue of 10.02 billion yuan ($1.39 billion) for the quarter, up 187 percent from the same period last year, largely fueled by a 162 percent jump in vehicle deliveries to 87,552 units.

Leapmotor attributed the robust top-line growth primarily to increased sales volumes amid expanding market demand.

Despite still operating in the red, Leapmotor sharply reduced its net loss to 130 million yuan, compared with a loss of 1.13 billion yuan in Q1 2024.

The company credited the improved profitability to better gross margins outpacing the rise in operating expenses.

Research and development spending climbed 54 percent year-over-year to 800 million yuan, as Leapmotor continues to invest heavily in intelligent driving technology.

"We will sustain strong resource allocation, expecting total investment of 800 million yuan in smart driving this year, alongside recruiting top talent in the field," Leapmotor Vice-president Li Tengfei said during the earnings call.

Leapmotor's overseas business also stood out as a key growth driver. In 2024, the company exported 13,700 vehicles; in the first quarter alone, exports surpassed 7,500 units, exceeding half of last year's total.

April shipments reached over 6,000 vehicles, boosted by the introduction of the extended-range version of the Leapmotor C10 to international markets.

"This surge in April was influenced by cyclical factors and the launch of new models," said Li. "Overall overseas retail sales for the month reached around 3,000 units."

The company sees its international expansion, particularly in Europe, as a critical pillar for its sales growth this year.

At the Shanghai auto show earlier this year, Leapmotor raised its overseas sales target to 50,000–80,000 vehicles for 2025, up from an initial guidance of 50,000 units.