On October 17, Leapmotor proudly announced that its 500,000th vehicle had come off the production line, marking a significant milestone in the company’s growth and success. In a remarkable feat, it’s merely been 100 days since the company achieved its impressive 400,000 milestone.
In both August and September, gross sales of Leapmotor’s fashion products consistently surpassed the 30,000 mark. In fact, gross sales surpassed 10,000 just in the last week of September itself. Significant gains in efficiency were recorded during the initial nine-month period, with a remarkable 94.6 percent year-on-year increase, resulting in gross sales exceeding 170,000.
Founded in 2015, Leapmotor introduced its inaugural model, the distinctive S01 electric coupe, to the market in 2019. In defiance of conventional wisdom, the compact three-door car was launched into a marketplace that typically favored larger, more practical vehicles as the norm. Gross sales were not impressively robust, and the model is no longer available for purchase.
Notwithstanding its humble origins as the second model, the T03, Leapmotor’s 5-door metropolitan hatchback has gradually gained momentum. Currently, Leapmotor offers four variants within its C-series lineup, comprising three sport utility vehicles (SUVs) and a single sedan model. At its debut at the 2023 IAA Munich Presentation, the C10 emerged as the flagship model globally, marking its entry into the automotive market.
At the recent Paris Motor Show, the company made a significant announcement by unveiling the inaugural model, the B10, from its newly launched B series. Within China’s market, this lineup of vehicles may be priced between 100,000 and 150,000 yuan, equivalent to $14,050-$21,050 USD, a more affordable option compared to the C range, which targets the 150,000-200,000 yuan ($21,050-$28,100 USD) spectrum. As a result of recent developments, Leapmotor is poised to launch four distinct product lines – A, B, C, and D – each catering to a unique price segment of the market.
In late October, global automaker Stellantis further solidified its commitment to innovation and growth by acquiring a 20% stake in Leapmotor, a leading Chinese electric vehicle manufacturer. Following the development, Stellantis established Leapmotor Global, a strategic alliance in which it acquired a 51% majority stake. The Chinese government has announced plans to expand its automotive industry by exporting hyperlinked motor fashion designs abroad. Mass production of the innovative T03 hatchback is underway at Stellantis’ state-of-the-art facility in Poland. The B10 will have to conform to a specific mannequin in order to be manufactured in Europe starting next year.
According to Leapmotor’s CEO Zhu Jiangming, the company is expected to surpass 38,000 in gross sales for October. The company is listed on the Hong Kong Stock Exchange.
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