HANGZHOU (Business Emerge): Chinese electric vehicle manufacturer Leapmotor stated that it has set a long-term objective to reach annual vehicle sales exceeding four million units within the next ten years. The company shared this update during a business briefing in its home city, outlining production scale, product positioning, and international expansion as central elements of the plan.
The update was delivered by senior management in Hangzhou, where the company is headquartered and conducts core engineering and manufacturing activities. Leapmotor confirmed that the growth roadmap includes domestic market consolidation and overseas market entry through structured partnerships. The company also indicated that it plans to introduce vehicles positioned in higher price segments as part of its product expansion.
Leapmotor reported that it is working toward a sales target of one million vehicles in 2026. This goal is linked to its ongoing cooperation with global automotive partners and the expansion of its distribution network beyond China. The company stated that new models are planned for release, including a premium lineup with prices exceeding 250,000 yuan per vehicle. These models are intended to complement existing offerings rather than replace current mass-market products.
Sales data shared during the briefing showed that Leapmotor’s domestic vehicle deliveries nearly doubled during the first eleven months of 2025. Total sales during this period reached 482,447 units, including pure electric and plug-in hybrid vehicles. Industry-wide data referenced during the presentation indicated that this performance contrasted with a decline in domestic sales volumes for some larger competitors during the same timeframe. Leapmotor also highlighted pricing of its C10 electric sport utility vehicle, which starts at 142,800 yuan, as a factor supporting volume growth.
Founded ten years ago, Leapmotor operates in a highly competitive automotive market characterized by rapid model cycles and pricing pressure. Company leadership stated that sustained investment in internal research, development, and manufacturing has played a role in improving cost control. Management noted that approximately 65 percent of vehicle components by value are developed in-house. This structure was cited as contributing to a cost advantage estimated at around ten percent compared with peers relying more heavily on external suppliers.
In addition to organic growth, Leapmotor confirmed recent equity and technology-related developments. The company stated that it plans to issue 74.8 million new shares to state-owned automaker FAW at a price of 50.03 yuan per share. Under this arrangement, the two companies intend to collaborate on vehicle development and manufacturing projects scheduled to begin in 2026. Leapmotor also reiterated that existing partners, including an overseas joint venture participant that invested in 2023, do not intend to seek controlling stakes in the company. Management described the current ownership structure as stable.
Leapmotor also provided details on its overseas manufacturing plans. The company confirmed that vehicle production in Spain is scheduled to begin in 2026. As required by local regulations, approximately 40 percent of component value for vehicles produced at the site is expected to be sourced locally. The company stated that this facility will support sales activities in international markets and aligns with its broader global expansion strategy already underway.
