China's Leapmotor aims for 4M annual EV sales in a decade
Chinese electric vehicle (EV) maker Leapmotor announced on Monday that it expects to sell more than 4 million vehicles annually within the next decade, CEO Zhu Jiangming said.
The company aims to sell 1 million cars in 2026, supported by a global expansion strategy in partnership with Stellantis, Zhu said at Leapmotor’s headquarters in Hangzhou, News.Az reports, citing Reuters.
He also revealed plans to launch a premium vehicle lineup priced above 250,000 yuan ($34,300).
Founded 10 years ago, Leapmotor has experienced rapid growth in China’s competitive automotive sector, improving both sales volumes and profitability throughout 2025. Its best-selling C10 electric SUV, priced from 142,800 yuan, has also begun to erode market share of industry leader BYD in the sub-$25,000 EV segment.
According to data from the China Passenger Car Association, Leapmotor’s domestic sales nearly doubled in the first 11 months of 2025, reaching 482,447 pure electric and plug-in hybrid vehicles. In comparison, BYD’s domestic sales fell 5.1% to 3.1 million units over the same period.
Zhu, an electronic engineer and co-founder of surveillance equipment maker Dahua Technology, emphasized that in-house development of key technologies is crucial for Leapmotor’s cost competitiveness. He said 65% of the parts by value in Leapmotor vehicles are developed internally, providing a 10% cost advantage over peers.
Separately, Leapmotor announced it will issue 74.8 million shares to state-owned automaker FAW at 50.03 yuan per share. The two companies will enter a technology partnership to jointly develop and produce cars for FAW starting in 2026.
Neither FAW nor Stellantis, which invested in Leapmotor in 2023, plans to seek control of the automaker, said CFO Li Tengfei. Stellantis oversees a joint venture that produces and sells Leapmotor vehicles overseas. “Coupled with the controlling shareholding by the founding members, a stable equity triangle can better support Leapmotor’s leading position in the future,” Li added.
Leapmotor also plans to start production in Spain in 2026, sourcing 40% of parts locally as required by authorities, according to Shu Chuncheng, Leapmotor’s vice president of supply chain.
Similar news
