Leapmotor accelerating into international vehicle markets
Leapmotor’s booth at the ongoing Beijing Auto Show has attracted the attention of an international delegation, underscoring the global acclaim of Chinese automotive products and indicating the preparedness of the Chinese new energy vehicle startup to venture into overseas markets.
The international delegation includes more than 100 representatives from the Stellantis Group, as well as members from various French automotive organizations and dealers from Europe, the AsiaPacific region and South America.
In October 2023, Leapmotor secured an investment of approximately 1.5 billion euros ($1.58 billion) from Stellantis, the world’s fourth-largest automotive group, representing a 20 percent stake in the company. This strategic investment aims to bolster Leapmotor’s competitive position within the new energy vehicle sector. Additionally, both entities will collaborate to form a joint venture focusing on manufacturing and distributing Leapmotor vehicles in markets beyond China.
Zhu Jiangming, founder and CEO of Leapmotor, said in an interview on Thursday that the advantage for Leapmotor’s future lies in overseas markets and the cooperation with Stellantis is progressing rapidly.
The year 2025 is poised to be a significant milestone for Leapmotor in international markets. The company has formed a dedicated overseas team, and product certification is slated for completion in the third quarter. This will pave the way for the introduction of models into overseas markets by the fourth quarter of this year, according to Zhu.
With the support of more than 10,000 Stellantis dealerships, Leapmotor will set up its own sales and services network in overseas markets spanning Europe, South America, the Middle East and Africa, as well as the Asia-Pacific, he added.
Leapmotor started pre-sales of the C16 SUV at the Beijing auto show, aiming to provide a comfortable experience akin to an MPV within a six-seat SUV for customers.
Cao Li, senior vice-president of Leapmotor, said at the event that the C16 is a “cost-effective SUV designed for ordinary families”, as the model will be priced under 200,000 yuan ($27,600) while featuring Leapmotor’s latest technologies.
Both range-extended and pure electric variants will be provided. And the pure electric C16 will feature an 800-volt silicon carbide platform, providing rapid recharging, high efficiency and strong performance, which can be charged from 30 to 80 percent in 15 minutes.
The model will be equipped with Leapmotor’s central integrated electrical/electronic architecture, Qualcomm Snapdragon 8295 chip, next-generation LEAP OS system, and a 14.6-inch 2.5K high-definition central control screen. It also features advanced driving solutions powered by lidar and the Nvidia OrinX chip, as well as a large panoramic roof and an electric tailgate, Cao said.
Zhu said: “Every model offered by Leapmotor boasts better configurations at the same price or lower prices than those of rivals. Within the price range below 200,000 yuan, we cater to a variety of user needs.”
The cost-effectiveness of Leapmotor is attributed to the automaker’s selfdeveloped technologies, with selfdeveloped core components accounting for a high percentage of the vehicle’s cost, according to Zhu.
Leapmotor is expected to be in the green by 2025, as it started to see a positive gross margin from the third quarter of last year.
Its 2023 financial report shows that the Hong Kong-listed automaker delivered 144,155 vehicles in the year, up nearly 30 percent year-on-year and its annual revenue reached 16.75 billion yuan during the period, up 35.2 percent year-on-year. For the first time, it achieved a positive annual gross profit margin of 0.5 percent.
In addition to the C16, Leapmotor is showcasing its first global model C10, as well as new C11, new C01 and new T03 lineup at the Beijing auto show.