Electric vehicle maker Leapmotor said on Tuesday that it earned nearly RMB 12.4 billion ($1.8 billion) in revenue in 2022, up 295.4% from a year earlier. This is in line with the company’s total deliveries of almost 111,200 cars last year, which marked 154.1% growth year-on-year, although more than half of those sales were of the budget mini-car T03 that has a starting price of RMB 59,900 ($8,695). Meanwhile, the Zhejiang-based automaker reported a loss of RMB 5.1 billion, nearly twice its loss in 2021. Chief executive Zhu Jiangming said he expects the situation to improve this year, as the brand’s higher-priced C-series accounts for 80% of its total order intake so far in 2023. [Leapmotor release, in Chinese]