Leapmotor, Xiaomi, XPENG Excel in H1 2025 with Strong Profits

Chinese NEV startups Leapmotor, Xiaomi Auto, and XPENG delivered record H1 2025 results with soaring revenues, growing deliveries, and improved profits, while accelerating global market expansion strategies.

yiche · 2025-08-27

In the H1 period, Three of Chinese NEV start-ups showed an excellent H1 2025performance, and they are Leapmotor, Xiaomi Auto and XPENG, all of which posted record deliveries, surging revenue and fast-shrinking losses or even net profit.

Firstly, Leadership became the second Chinese NEV start-up to achieve half-year profitability after Li Auto, reporting,

· RMB 24.25 billion revenue

· 14.1% gross margin

· nearly RMB 30 billion cash reserves

· RMB 30 million net profit

According to the VP and CFO of Leapmotor, the company raised its 2025 delivery target from 500,000-600,000 to 580,000-650,000 units. Furthermore, the company is expecting a 2026 annual sales goal of 1 million units and annual net profit projections of RMB 500 million to 1 billion.

Secondly, Xiaomi’s Car Division reported a revenue of RMB 20.6 billion. In Q2 alone, Xiaomi Auto shipped 81,302 SU7 sedans, marking a 26.4 % gross margin, surpassing Tesla. Comparing with other Chinese NEV star-ups like Seres, Zeekr, and Li Auto, most of which share about 20% gross margin.

Thirdly, XPENG delivered 197,189 vehicles in H1 2025, generating RMB 18.27 revenue (up 125 % YoY), while cutting net loss to RMB 480 million, with a gross margin of 14.3 %.

With technology-rich, cost advantage, and deepened channel partnerships in overseas markets, Chinese NEV start-ups are rapidly shifting from Chinese domestic markets to global world.

Leapmotor joined hands with Stellantis JV, expanding in Europe, with an 2026 targeting sales of 80,000 units. Besides, the company is piloting markets in Southeast Asia and Latin America.

XPENG is maintaining its global momentum with 8,414 units exported to Southeast Asia in H1 2025. Europe is its next step. XPENG has already get its G6 and X9 certified for Europe market entry and is eyeing the start of Norway and Denmark deliveries next quarter.

Though Xiaomi is slightly low in global expansion, the company is working on the certification for EU and ASEAN market entry. By leveraging its existing smartphone service networks all around the world, its showroom outlay will be faster than others. It is said that its first showroom will be set in Munich and Bangkok in 2026.

*(Exchange rate: RMB 7.2 = USD 1)*