Leapmotor

Brand Overview

Leapmotor is a smart electric vehicle (EV) brand under Zhejiang Leapmotor Technology Co., Ltd. (Stock Code: 09863.HK). Founded on December 24, 2015, and headquartered in Hangzhou, Zhejiang, the brand has consistently adhered to the independent R&D of core technologies. It has successfully developed three major proprietary technologies: smart powertrain, smart connectivity, and smart driving. As a complete vehicle manufacturer, Leapmotor possesses independent R&D capabilities for smart EVs and full mastery of its core technologies.

Founded by Chairman and CEO Zhu Jiangming, Leapmotor’s founding team comprises 90% R&D personnel. The brand targets the mainstream market in the 100,000–150,000 RMB range, embodying its core proposition: “Technology for All, Quality that is Good yet Not Expensive.” On September 29, 2022, Leapmotor was officially listed on the Main Board of the Hong Kong Stock Exchange. In 2025, full-year sales reached 597,000 vehicles, securing the top position among Chinese New Force automakers and making Leapmotor the second New Force automaker to achieve annual profitability, following Li Auto.

Development History

Leapmotor's development trajectory can be divided into three stages: "Technology Accumulation", "Product Validation", "Scale Explosion". At its founding in 2015, Leapmotor started with core component R&D, gradually building a full-domain independent R&D system covering key areas such as vehicle architecture, electronics/electrical architecture, battery, electric drive, cockpit system, smart driving, etc. In May 2020, the micro EV Leapmotor T03 was launched, opening up the market; in October of the same year, the first AI smart driving chip with complete independent Chinese intellectual property rights, "Lingxin 01", was launched, establishing Leapmotor's industry status in technology R&D. In April 2021, Leapmotor obtained new energy vehicle production qualifications approved by the Ministry of Industry and Information Technology, shifting from contract manufacturing to independent production, and in May of the same year, deliveries first broke the 10,000 unit mark.

In 2022, the intensive release of C-series products such as C11 and C01 drove explosive sales, with cumulative annual deliveries breaking 110,000 units. On September 29 of the same year, Leapmotor listed on the main board of the Hong Kong Stock Exchange with stock code "9863.HK". In 2024, a joint venture company "Leapmotor International" was established with the Stellantis Group. This year was also when Leapmotor's product matrix underwent comprehensive renewal - the C series was fully equipped with LEAP 3.0 architecture, the first model of the B platform, B10, made its global debut at the Paris Motor Show, and new models such as C10 and C16 were launched successively.

2025 was a milestone year for Leapmotor. The brand's 10th anniversary, full-year sales of 597,000 vehicles, achieving double-digit growth for two consecutive years, firmly holding the top position among Chinese New Force automakers, and achieving full-year profitability for the first time. Cumulative deliveries broke 1.2 million units, with the leap from 500,000 to 1 million units being the fastest in the industry. In the same year, at the 10th-anniversary launch event, Leapmotor formally announced the end of its "New Force Automaker" tag, unveiling a grand blueprint to sprint to 1 million units in 2026 and achieve 4 million units in the next decade. Entering 2026, a cycle of intensive product explosion - multiple new cars such as A10 and D19 were launched intensively. Leapmotor is moving towards a new height of growth with unprecedented speed and rhythm.

Product Portfolio

Leapmotor has built a four-series product matrix (A, B, C, D), covering all sub-segments from A0 to D classes. It offers both pure electric and extended-range powertrains, with full category coverage including sedans, SUVs, and MPVs.

A Series: Targeting the lower-tier market, this series highlights extreme cost-performance ratios and high-spec smart driving. The first model, the A10, is positioned as a pure electric SUV under 100,000 RMB, becoming the first vehicle in this price range to achieve “Parking Spot to Parking Spot” assisted driving. Pre-order bookings exceeded 40,000 units within 28 days of launch, helping Leapmotor’s March sales return to the 50,000-unit peak.

B Series: Focusing on the mainstream compact SUV market in the 100,000–150,000 RMB range, this series plays a core role in supporting volume and profit. The first global strategic model, the B10, is designed according to China-Europe dual five-star safety standards, with chassis tuning jointly performed by the Maserati team under Stellantis. As of the end of February 2026, cumulative sales on the B platform reached nearly 200,000 units. The B10 exceeded 100,000 units in sales 11 months after launch, while the B01 sold over 10,000 units consecutively for four months.

C Series: Serving as the sales cornerstone and profit pillar of Leapmotor, the C11 has achieved cumulative sales exceeding 300,000 units; the C10 surpassed 200,000 units 18 months after launch; and the C16 has recorded cumulative sales exceeding 100,000 units. Positioned as a “Super Comfort Smart 6-seater SUV,” the pure electric version is equipped with an 800V Silicon Carbide high-voltage platform, combining the spacious comfort of an MPV with the dynamic styling of an SUV.

D Series: Positioned in the high-end flagship market, the first full-size SUV, the D19, is equipped with Qualcomm Dual 8797 chips and VLA Large Model-assisted driving. Pre-order bookings exceeded 10,000 within a week of launch, with an average price exceeding 250,000 RMB.

Lafa5 Series: Positioned in the 90,000 to 130,000 RMB pure electric coupe market. At the 2026 Beijing Auto Show, the top-spec Lafa5 Ultra was officially launched with a limited-time price of 118,800 to 124,800 RMB. Equipped with a 180kW high-power rear-drive motor and achieving 0–100 km/h acceleration in 5.9 seconds, sales exceeded 20,000 units within three months of launch. Two cross-border customized cars, the D99 and D19, also appeared at the Beijing Auto Show, highlighting the brand’s vitality in breaking out of its traditional circle.

Market Performance

In 2025, Leapmotor delivered 596,600 new vehicles for the full year, a year-on-year increase of 103.1%, ranking first in sales among Chinese New Force automakers. Full-year revenue was 64.73 billion RMB, a 101.3% year-on-year increase; gross margin was 14.5%, a new annual high; net profit attributable to the parent company was 540 million RMB, achieving full-year profitability for the first time, and it is also the second New Force automaker to achieve annual profitability after Li Auto. Net cash flow from operating activities reached 12.62 billion RMB, free cash flow was 7.82 billion RMB, ending cash reserves rose to 37.88 billion RMB, a 54.9% year-on-year increase, providing solid financial support for subsequent high-intensity investments. Export volume reached 67,000 units, ranking first among New Force exports.

In the first quarter of 2026, affected by seasonal factors and market adjustments, Leapmotor's global delivery volume still exceeded 110,000 units, ranking first among Chinese New Force automakers. The company maintains two core goals unchanged: 1 million sales volume and 5 billion net profit for the full year.

Core Technology

Leapmotor's core moat lies in full-domain independent R&D—core components cover 65% of the total vehicle cost, and parts sharing rate for some models reaches up to 88%. The independent R&D system covers six major technical fields: electronics/electrical architecture, smart cockpit, smart driving, smart battery, smart electric drive, and vehicle architecture. Currently owning 17 major parts factories, and raising the self-sufficiency rate of the powertrain system to 80%.

LEAP 3.0 technology architecture is the mother of Leapmotor's new generation smart electric products, covering Cloverleaf Central Integrated Electronics/Electrical Architecture, CTC Battery-Chassis Integration and Oil-Cooled Electric Drive Golden Powertrain, 8295 Flagship Smart Cockpit Chip, and advanced smart driving solutions available for both city/highway use. The "Lingxin 01" chip equipped in Leapmotor S01 and other models is also the first domestically produced automotive-grade AI smart driving chip with complete independent intellectual property rights.

In terms of smart driving, Leapmotor positions 2026 as the "Year of Smart Driving", with all 8 models on sale having opened city pilot assisted driving test drives. A10 pioneered "Parking Spot to Parking Spot" smart driving down to within 100,000 RMB, while D19 relies on Dual 8797 chips and the VLA Large Model to achieve full-scenario smart driving in the over 250,000 RMB range. New generation technologies in battery, electric drive, and electronic control fields will be released in the second half of the year, with mass production no later than 2028.

Global Presence

The establishment of the Leapmotor International joint venture (2024) is the core pivot of its global strategy. Currently, business covers over 40 countries and regions including Europe, Asia-Pacific, Africa, South America, etc. Starting from June 2025, Lafa5 will enter 26 European countries. Overseas wholesale sales in the first quarter exceeded 40,000 units, creating a new historical high. Among them, registration volume in 16 European countries increased by 726.5% year-on-year, ranking first in pure electric sales among Chinese brands in 12 EU countries. Full-year overseas exports in 2025 exceeded 67,000 units. As of the end of February 2026, cumulative exports have broken 100,000 units.

In terms of overseas factory layout, Leapmotor adopts a "Local Production + Technology Export" deep localization model: Zaragoza, Spain factory is planned to start production in October 2026, achieving 60% localization rate for B10 model; Gurun, Malaysia factory has an annual capacity of 60,000 units, covering the entire ASEAN market; Myanmar SKD factory has achieved B10 delivery off the line; simultaneously planning to build a new factory in Goiânia, Brazil, forming a multi-dimensional capacity matrix covering ASEAN, Europe, and South America.

In terms of cooperation, Leapmotor's partnership with Stellantis not only stays at the sales level but also includes technology export—Leapmotor provides core electric drive and smart driving components to Stellantis, positioning as a "Parts Supplier", breaking the single pattern of traditional export models. At the same time, the first model for the overseas market developed in cooperation with FAW Group is also expected to go into mass production in the third quarter of 2026, with Leapmotor responsible for R&D and manufacturing.

Future Outlook

Leapmotor’s long-term vision is to become a global leader in smart electric vehicle technology. The company has formulated ambitious production and sales targets of 1 million vehicles in 2026 and 4 million vehicles in 2035. On the product side, the intensive product release cycle in 2026 will provide sufficient momentum, with a total of five brand-new models and two facelift models scheduled for the full year. On the technology side, three major core technologies to be released in the second half of the year will deeply engage in the next generation of industry competition. The target ratio for domestic versus overseas markets will be adjusted from the current 60-40 split to a 40-60 split, truly achieving balanced global growth. Regarding core technologies, Leapmotor plans to make 2026 the “Year of Smart Driving,” popularizing city pilot assisted driving in mainstream price ranges.

Leapmotor is evolving from a local New Force brand into a smart electric vehicle enterprise with global influence, completing a high-quality leap from “Technology Adherence” to “Scale Explosion” in ten years. Against the backdrop of the new energy industry shifting from competing on marketing volume to competing on manufacturing efficiency and cost-pricing capabilities, Leapmotor reflects its long-term foundation of accumulating strength for a sudden breakthrough.