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Chinese electric vehicle maker Leapmotor has set an ambitious goal of selling more than 4 million vehicles annually within the next decade, underscoring its confidence amid intense competition in China’s EV market. CEO Zhu Jiangming said the company is aiming to reach 1 million vehicle sales by 2026, driven by rapid domestic growth and an expanding global footprint supported by its strategic partnership with Stellantis.
Speaking in Hangzhou, Leapmotor’s home base, Zhu revealed plans to introduce a premium vehicle lineup priced above 250,000 yuan (around $34,300). This move marks a significant step up from its current core offerings, including the popular C10 electric SUV, which starts at 142,800 yuan. The competitively priced model has helped Leapmotor gain traction in the mass-market EV segment and erode the market share of industry leader BYD, particularly in vehicles priced under $25,000.
Leapmotor’s growth momentum has been strong throughout 2025. According to data from the China Passenger Car Association, the company’s domestic sales of pure electric and plug-in hybrid vehicles nearly doubled in the first 11 months of the year, reaching 482,447 units. Over the same period, BYD reported a 5.1% decline in domestic sales to about 3.1 million vehicles, highlighting shifting dynamics in China’s fiercely competitive automotive sector.
A key driver of Leapmotor’s competitiveness is its vertically integrated business model. Zhu, who is also a co-founder of Dahua Technology, emphasized the importance of in-house development. Leapmotor develops around 65% of its vehicle components by value, giving it an estimated 10% cost advantage over rivals.
In addition to its Stellantis partnership, Leapmotor announced plans to issue 74.8 million shares to state-owned automaker FAW at 50.03 yuan per share. The two companies will collaborate on technology development and vehicle manufacturing starting in 2026. Leapmotor also plans to begin production in Spain in 2026, sourcing 40% of parts locally to meet regulatory requirements, further strengthening its global EV strategy.
