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September 16, Leapmotor held a Tech Day with the theme "Confidence". On the same day, this company just reached a new milestone: July global deliveries 101,300 vehicles, year-on-year increase 102%, becoming the first domestic new force brand to break 100,000 vehicles in a single month delivery; August reached a new high. In 2025, Leapmotor annual deliveries 596,600 vehicles, sales doubled for two consecutive years; January to August 2026, global sales over 560,000 vehicles, year-on-year increase 70%, ranking top three among China's new energy passenger car brands. Just at a time when most new forces are still struggling near the break-even point and the price war continues relentlessly, this report stands out.
More striking is the expansion overseas. In the first half of the year, Leapmotor exported 96,300 vehicles, a year-on-year surge of 372.6%, exceeding the total export volume for the full year of 2025; Leapmotor International has built over 1,000 sales and service outlets in 45 markets, with pure electric market share in Italy exceeding 25%, and in June became the highest selling Chinese EV brand in the German market; T03, C10 have become popular choices in the European affordable pure electric market, and the Malaysia knock-down assembly plant has also started production. When most peers are still fighting closely domestically, this company has moved a considerable portion of its growth overseas.
Sales on the rise, global expansion accelerating, what does it rely on? The answer given by the Tech Day is the systematic capability accumulated over 11 years.
First, let's look at the cost structure. Leapmotor has built 18 parts factories, self-developed and self-produced covers 65% of total vehicle cost, and platform commonality reaches 90%. This explains why "Good technology should be accessible to everyone" is not just a slogan: Advanced intelligent driving goes down to the 100,000 yuan class; CTC 3.0 eliminates independent low-voltage batteries, saving 2,000 yuan per vehicle; for the earliest batch of LiDAR users upgrading to World Model Intelligent Driving, it requires an investment of 50 million yuan, but Leapmotor chose a free upgrade and free usage for life. Self-development squeezes costs to places others cannot, so cross-tier configurations can possibly become standard configurations.
Second, look at the technology system. Leapmotor released not just one highlight, but a set of architecture plus three major systems plus multiple reserves: LEAP 5.0 vehicle architecture achieves over 100% utilization rate; LWM World Model Intelligent Driving allows vehicles to go from "remembering road conditions" to "understanding road conditions"; long-tail scenarios encountered by a vehicle are learned via the cloud, allowing the fleet to collaboratively evolve; MM-i Multi-mode Hybrid Electric Drive completes the PHEV puzzle, completing "Pure Electric + Extended Range + PHEV" full power layout, with power 28% higher than peer vehicles and weight 40% lighter; CTC 3.0 eliminates independent low-voltage batteries, increasing energy capacity 7 times, with related patents open-sourced to the entire industry — and this generation of batteries is built upon verification from over 1 million vehicles installed. From architecture to batteries, from intelligent driving to robots, every item points to mass production and implementation. Zhu Jiangming said Leapmotor does not innovate for the sake of showing off skills — behind this statement is the industry stuck in stock competition on screens, computing power, and configurations.
The root of growth against the trend may lie in this kind of "hard work": not chasing short-term concepts, but sinking resources into underlying R&D and product experience. Embodied AI robot concepts are hot, but Leapmotor said "Only robots that can make money are worth showing off"; Direct-drive PHEV is viewed bearishly by some, but Leapmotor judges it still has a 5 to 10-year lifecycle. Technological pragmatism eventually manifests as operational stability. Since the mass production of the first extended-range model in 2022, Leapmotor has launched 7 extended-range models, and every structure of the electric drive system comes from internal co-creation, rather than bought solutions.
Why do sales and the capital market succeed frequently? The underlying logic is consistent: the positive cycle of scale and profitability. In the first half of the year, Leapmotor revenue was 38.1 billion yuan, net profit 210 million yuan, profits for three consecutive half-years — at a time when the industry generally doesn't make money, this profit is scarce. Overseas markets contribute high gross margin growth, with more than half of new sales coming from overseas in the first half of the year. What the capital market values is this "profitable long-termism". Since HK stock listing, Leapmotor market cap once stood at 60 billion HKD, and brokers still give overweight ratings and higher target prices. Of course, the market does have doubts: the year-start 5 billion yuan profit guidance was lowered to around 3 billion yuan, and the stock price still has corrections within the year. The quality of profits still needs time to test.
For China's automotive industry, Leapmotor's significance may not lie in the sales figures themselves. When price wars put pressure on the entire industry, it proves a different path: relying on full-domain self-research to keep both costs and experience in its own hands, going from "competing on price" to "competing on technology"; when whole vehicle export encounters resistance, it uses technology output, localization, and patent open-sourcing to turn "product export" into "capability export". As Zhu Jiangming said, technology and innovation are the confidence of enterprises facing the future. A car enterprise that can sustain profits and export systems overseas may well be the footnote most needed for China's automotive industry to become from big to strong.
