LEAPMOTOR(HK:09863) Cai Jing Wang·2024-02-06 05:04Core Viewpoint - The recent executive changes at Leap Motor, including the departure of key personnel, highlight challenges in achieving sales targets and ongoing financial losses. Group 1: Executive Changes - Zeng Lintang, assistant to the chairman of Leap Motor, left the company after seven months, confirming the situation as true [1] - Wu Baojun, co-founder and president of Leap Motor, also departed due to the expiration of his labor contract, with the board deciding not to renew it [2] - Wu joined Leap Motor in May 2020 and was responsible for business development, marketing, manufacturing, and supply chain [2] Group 2: Sales Performance - Leap Motor failed to meet its annual sales target for 2023, delivering 144,155 vehicles against a goal of 200,000, achieving only 72% of the target [2] - The sales target for 2024 is set between 300,000 and 400,000 vehicles, requiring a monthly sales rate of 25,000 to 33,000 units to meet this goal [2] Group 3: Financial Performance - Leap Motor is currently operating at a loss, with a Q3 2023 operating loss of 1.025 billion yuan and total losses for the first three quarters reaching 3.359 billion yuan [3] - Historical losses from 2019 to 2022 were reported as 901 million yuan, 1.1 billion yuan, 2.8457 billion yuan, and 5.1 billion yuan respectively [3]