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If looking purely at sales figures, Leapmotor in 2026 has already been impressive enough.
In the first half of 2026, Leapmotor sold 356,500 vehicles in the global market, a year-on-year increase of 60.8%. July single-month delivery reached 101,300 vehicles, doubling year-on-year, crossing the 100,000-vehicle monthly threshold for the first time, and becoming the first domestic new power brand to break 100,000 deliveries in a single month.
As of the end of July, Leapmotor's global cumulative deliveries exceeded 1.6 million. Among the comparable terminal registration data for the first 5 months released this year, Leapmotor further ranked fourth globally in new energy passenger vehicle brands, ranking only behind BYD, Tesla, and Geely.
However, what is more worth turning over than rankings is the semi-annual report just released on August 24.
In the first half of 2026, Leapmotor achieved operating revenue of 38.11 billion yuan, a historical high for the same period, with net profit of 210 million yuan, maintaining profitability for three consecutive semi-annual periods. Q2 gross margin improved sequentially to 12.6%, and funds on hand at the end of the period reached 38.59 billion yuan.
Currently, the Chinese new energy vehicle market has moved from competing on growth speed to competing on operational quality. Selling more is certainly important, but if growth is based on larger scale and greater losses, it is difficult for the growth itself to form a true barrier. Especially entering 2026, price competition remains fierce. Automotive enterprises must continue R&D, expand channels, and promote globalization and premiumization. Capital consumption has not decreased just because the industry has entered maturity.
Against this backdrop, Leapmotor is also quickly adapting to changes in the new energy vehicle market, growing from a new EV maker that relied on cost-performance for rapid expansion into a mature automotive enterprise with simultaneous growth in scale and profitability.
356,500 Vehicles, 38.11 Billion, Leapmotor Begins to Cross the Threshold of 'Scale for Profit'
The new energy vehicle industry naturally possesses economies of scale. R&D, factories, supply chains, channels, and intelligent investments all require huge upfront costs. Therefore, scale growth is usually an important prerequisite for achieving profitability.
However, the problem lies in that if sales growth is mainly built on continuous price cuts, high marketing costs, or low-margin products, scale itself may not automatically convert into profit.
The special feature of Leapmotor's H1 2026 financial report lies in that sales and profit presented a relatively clear positive cycle for the first time.
In the first half, Leapmotor's global sales increased from 221,700 vehicles in the same period last year to 356,500 vehicles, a year-on-year increase of 60.8%. Meanwhile, the company achieved 38.11 billion yuan in revenue and 210 million yuan in net profit. Q2 gross margin further improved sequentially to 12.6%. More critically, this is no longer an accidental quarterly profit, but profitability maintained for three consecutive semi-annual periods.
This means Leapmotor has preliminarily crossed a quite critical threshold in the development process of new EV makers, i.e., scale growth is no longer at the cost of continuously expanding losses.
Behind this is primarily a change in product structure.
As of the first half of this year, Leapmotor has formed an A, B, C, D major product matrix, with prices covering the mainstream market of 60,000 to 300,000 yuan. In the past, Leapmotor relied more on the C series to bear sales volume, but now its growth structure is starting to shift from a single blockbuster to multiple product series contributing together.
A10 reached 100,000 mass-produced vehicles off the line just 135 days after launch, ranking first in Chinese brand SUV sales for three consecutive months from May to July; the C series has accumulated over 850,000 users; flagship SUV D19 delivered 10,043 vehicles in July, entering the 10,000 monthly sales range; the average selling price of D99 exceeds 300,000 yuan.
This is very important for Leapmotor.
Because from the 60,000 yuan-class A series to the D series above 300,000 yuan, it means Leapmotor is no longer just looking for blockbusters in one price band, but trying to cover China's largest mainstream consumer segment for new energy vehicles. Once multiple price bands can generate stable sales simultaneously, the enterprise's dependence on a single model's lifecycle will decrease, and scale will also become more stable.
What is more worth noting is the D series.
In the past, Leapmotor's very distinct label was 'Good but not expensive'. This strategy helped it gain scale rapidly, but it also easily formed another problem: After consumers accept Leapmotor's high cost-performance, are they willing to pay for more expensive Leapmotor?
D19 monthly sales breaking 10,000, and D99 average selling price exceeding 300,000 yuan, has at least given a positive answer for the stage. Especially D19 entering the 10,000 monthly sales range means Leapmotor is trying to replicate the cost efficiency and technology accessibility capabilities established in the past to higher price bands.
This is also where Leapmotor truly needs to observe in the next stage.
The scale has already risen. Next, what determines Leapmotor's profit ceiling is not just how many more cars can be sold, but whether it can improve product structure while expanding scale.
From this perspective, the 12.6% Q2 gross margin might be even more worth watching than the 100,000 monthly sales volume. Because the former means growth is gradually forming operational quality, not just sales figures.
Leapmotor's past adherence to full-domain in-house research and deep in-house manufacturing also begins to reflect economic value after scaling up.
Currently, its self-research and self-manufacture ratio accounts for 65% of the total vehicle cost, covering three-electric systems and intelligent systems. For enterprises with sales of only tens of thousands of vehicles, a high proportion of self-research often means heavy R&D and manufacturing investment. But when annual sales begin to approach one million units, the same set of technology platforms, parts, and R&D investment can be amortized by more vehicle models, and self-research may instead become an important means of cost control.
This is also the reason why Leapmotor's business model is truly entering the verification period.
What the market needed to verify in the past was: can Leapmotor's low price really exchange for scale.
The problem has now become: after scale is achieved, can Leapmotor truly convert its cost advantage into profit.
38.11 billion yuan revenue, 210 million yuan net profit, and profitability for three consecutive semi-annual periods, at least indicates that this path has started to work. But 210 million yuan net profit is still not thick relative to 38.11 billion yuan revenue. Leapmotor is far from entering a profit stage where it can rest easy.
Conversely, with the expansion of the D series, overseas localization production, and increased R&D investment in intelligence, the coming few quarters will instead test its ability to find a balance between growth and investment.
Therefore, this financial report is worth affirming, but it is not yet time to draw conclusions.
Leapmotor has proven it can make money during high-speed growth. Next, it needs to prove whether this profitability is a stage-specific result in a boom cycle or a long-term ability that can expand continuously with million-vehicle scale.
Exports Boomed 372.6%, Leapmotor's Second Growth Curve Has Taken Effect
In the first half of 2026, Leapmotor exported 96,294 vehicles, a year-on-year increase of 372.6%, exceeding the full-year export volume of 2025, accounting for 27% of the company's total sales in the first half. Cumulative exports from January to July further reached 113,863 vehicles.
27% means that overseas is no longer just a supplementary item in Leapmotor's sales report. Instead, for every 4 Leapmotor sold, more than 1 comes from the overseas market.
Globalization is gradually becoming a real variable affecting Leapmotor's revenue, scale, and even future profit structure, from a strategic story.
Leapmotor's overseas growth does not come entirely from markets with weak new energy vehicle industry foundations.
In the first half of 2026, Leapmotor registered 23,000 pure electric vehicles in the Italian market, with market share exceeding 25%. In June, it became the leading Chinese electric vehicle brand by sales in the German market, and entered the top three in retail sales of Chinese brand pure electric vehicles in the UK. As of the end of June, Leapmotor International has established over 1,000 sales and after-sales service outlets in over 45 international markets.
Chinese new energy vehicles going global have entered a new stage. Relying solely on domestic production and complete vehicle exports is easily affected by tariffs, transportation costs, and local industrial policies.
Therefore, what truly determines a Chinese automotive company's globalization capability is no longer just 'how many exported', but whether there is the ability to build local production, sales, service, and even supply chain systems.
The cooperation value between Leapmotor and Stellantis is also gradually becoming apparent in this stage.
C10 at Malaysia Gurun factory has entered mass production, B10 planned for mass production in Q3; Zaragoza factory in Spain completed supporting renovations, B10 expected to start production in Q3, B05 planned for mass production in 2027; Brazil local assembly base has also been determined.
Therefore, Leapmotor is trying to establish a model different from past Chinese automotive exports: leveraging its own product and technical capabilities, plus Stellantis' existing global manufacturing, channels, and service systems, to enter the global market in a lighter way.
If this model holds, what Leapmotor gains is not just new sales volume, but greater scale amortization capabilities, broader technical output space, and a growth source that does not fully depend on Chinese market price competition.
Of course, globalization cannot just look at sales volume. Overseas localization production requires investment, and regulations, supply chains, and consumer habits in different countries are far more complex than the domestic market. Whether rapid export growth can eventually form stable profit still needs future financial reports to continue verifying.
But at least by the first half of 2026, Leapmotor is migrating from a 'Chinese new power brand' to a scaled, globalized new energy vehicle enterprise.
356,500 vehicles half-year sales, 38.11 billion yuan revenue, profitability for three consecutive semi-annual periods, 38.59 billion yuan funds on hand, overseas sales ratio 27%, and July first break of 100,000 vehicles. These numbers have pieced together a business logic for the first time completely:
Product matrix expands sales volume, sales volume amortizes self-research costs, cost efficiency improves profitability, profitability and cash continue to support R&D and globalization, and the overseas market further expands scale.
This is the corporate momentum released by Leapmotor's 2026 semi-annual report.
For Leapmotor, which has already entered the top 4 in global new energy vehicles, the next competition is no longer just 'selling more', but after selling more, being able to earn more and go further.
Note: Data in the article is all cited from Leapmotor's 2026 year Semi-Annual Performance Announcement (HKEX: 09863.HK). Domestic SUV sales data comes from CPCA 2026 year May-July month statistics; European market registration and ranking data comes from Dataforce and other institutions 2026 year first half statistics; Global ranking is third-party multi-source data integration calculation.
