Leapmotor

Zhe gian g Leapmotor Technology Co., Ltd.
Company type	Public
Traded as	SEHK:9863
Industry	Automotive
Founded	December 2015;8 years ago
Founder	Fu Liquan, Zhu Jiangming
Headquarters	Hangzhou, Zhe gian g,China
Revenue	HK$18.14 billion (2023)
Net income	HK$–4.57 billion (2023)
Owner	Stellantis(20%)
Number of employees	9,310 (2024)
Subsidiaries	Leapmotor International (49%)
Chinese name
Simplified Chinese	Chiết Giang linh chạy khoa học kỹ thuật cổ phần công ty hữu hạn
Hanyu Pinyin	Zhèjiāng Língpǎo Kējì Gǔfèn Yǒuxiàn Gōngsī
Website	www.leapmotor

Zhe gian g Leapmotor Technology Co., Ltd.,trading asLeapmotor(Chinese:Linh chạy ô tô;pinyin:Língpǎo Qìchē;lit.'Leap car'), is a Chinesestartupautomobile manufacturer headquartered inHangzhou,China, specializing in developingelectric vehicles.The company was founded in 2015, and sold its first vehicles in 2019. In 2023,Stellantisacquired 20 percent stake of Leapmotor, and plans to sell Leapmotor vehicles in Europe.

History

Leapmotor was founded in December 2015 and is based inHangzhou,China.

On June 13, 2018, at CES Asia, Leapmotor announced that the first domestically madeartificial intelligence(AI)chip,dubbed “Lingxin 01”has entered the integration verification phase. The AI chip was co-developed by Leapmotor and Zhe gian g Dahua Technology Co., Ltd (Dahua Technology), and was expected to be tested on vehicles in the second quarter of 2019. The Lingxin 01 is designed forautonomous vehicles,and features the capability ofdeep learningand leading computing power.^[2]The company vertically integrates high margin components by developing and building its own components such aselectric traction motors,vehicleCPU,andLEDlighting.^[3]

In October 2018, Leapmotor announced plans to roll out 3 new models over the span of 2018 to 2021, including the LP-S01, the LP-T03 and the LP-C11, based on the S, T and C vehicle platform respectively.^[4]

In June 2019, the first product, theLeapmotor S01electric 2-door coupe, is launched on theChinese market.A prototype was shown at the 2017Guangzhou Auto Show.At that time, the company had raisedRMB380 million in capital, and construction of the factory had started. The S01 was initially shown as the LP-S01 coupe earlier in 2018.^[5]The first deliveries occurred of the S01 in June 2019.^[6]^[7]

In May 2020, Leapmotor andstate-ownedChinese automakerFAWforged a strategic partnership to jointly develop intelligent electric vehicle models. The agreement also involves the joint cooperation on R&D, manufacture, production and application of intelligent electric vehicle core parts, and the further research on the development of key basic technologies and the innovation of production measures.^[8]

On May 11, 2020, Leapmotor officially launched its second mass-production EV, theLeapmotor T03electriccity car.The vehicle was launched with a total of 3 models, the price range after subsidy is 65,800-75,800 yuan (~US $9,280 – US $10,691). The Leapmotor T03 is equipped with a battery pack with a capacity of 36.5 kWh, and a 403 km (250 mi)NEDCcruising range.^[9]

In November 2020, Leapmotor officially launched the third mass-production EV, theLeapmotor C11electric crossover, based on the 2019C-Moreconcept. The C11 is powered by dual electric motors jointly rated at 400 kW (536 hp) and 720 N⋅m (73.4 kg⋅m; 531 lb⋅ft) of torque. The Leapmotor C11 have around 600 km (373 mi) of driving range.^[10]

In August 2023,FAW-VW,one of the Chinese joint venture ofVolkswagen Group,entered discussions with Leapmotor to explore the potential acquisition of a platform for manufacturing new electric cars under theJettabrand, specifically tailored for the Chinese market.^[11]

Expansion and cooperation with Stellantis

In October 2023,Stellantisexpressed its interest in Leapmotor by acquiring a 20% stake valued at approximately EUR 1.5 billion. This strategic partnership led to the establishment of Leapmotor International, ajoint venturecompany with a 51:49 ratio, facilitating the distribution and production of Leapmotor cars in global markets outside China, thereby supporting the company's expansion plans, notably in Europe. The announcement was made during the European premiere atIAA Mobility2023 in September, where the first global product, the large SUVLeapmotor C10,was unveiled.^[12]

In February 2024,Reutersreported that Stellantis was exploring the possibility of producing a Leapmotor model at the Italian plant inMirafiori,Turin.However, a month later, it was decided that theLeapmotor T03city car would be assembled at theFCA Polandplant inTychy.^[13]

In May 2024, Leapmotor and the Stellantis Group jointly announced the establishment of the Leapmotor International with a ratio of 51:49, controlled by Stellantis Group. The joint venture has the exclusive right to export, sell and manufacture Leapmotor cars to global market outside China. It will start sales in Europe from September 2024, covering Belgium, France, Italy, Germany, Greece, the Netherlands, Romania, Spain, Portugal and other countries. Starting from the fourth quarter of 2024. Leapmotor International will enter India and the Asia-Pacific, the Middle East and Africa (Turkey, Israel, French Overseas Territories) and South America (Brazil, Chile). Six new models will be introduced starting in 2025 withT03andC10launched first. In the next three years, Leapmotor International will launch at least one new model every year.^[14]^[15]

Products

Current models

Name	Introduction (cal.year)	Vehicle description
T03	March 2020^[16]	City car,BEV
C11	December 2020^[17]	Mid-size SUV,EREV/BEV
C01	May 2022^[18]	Mid-size sedan,EREV/BEV
C10	September 2023^[19]	Mid-size SUV,EREV/BEV
C16	April 2024^[20]	Full-size SUV,EREV/BEV