China’s electric vehicle race is entering a new phase, and Leapmotor is signaling that it intends to be one of the survivors — and potentially one of the global winners. Speaking this week, the company’s chief executive outlined ambitions to sell more than 4 million vehicles annually within the next decade, a target that would place the young automaker among the world’s largest car manufacturers. The projection underscores how aggressively Chinese EV players are thinking about scale at a time when competition at home is brutal and margins across the industry are under constant pressure.
Founded just over a decade ago, Leapmotor has emerged as one of the more resilient names in China’s overcrowded EV market. CEO Zhu Jiangming said the company expects to sell 1 million vehicles as early as 2026, laying the foundation for its longer-term growth target. The strategy combines continued strength in China’s mass-market segment with an accelerating push overseas, supported by a global partnership with Stellantis.

Domestic Momentum in a Cutthroat Market

Leapmotor’s confidence is rooted in tangible progress at home. In the first eleven months of 2025, the company nearly doubled domestic deliveries to more than 480,000 pure electric and plug-in hybrid vehicles, according to industry data. That performance stands out in contrast to larger rivals, including BYD, which saw a modest decline in domestic sales over the same period.
A key driver has been Leapmotor’s positioning in the affordable EV segment. Its best-selling C10 electric SUV, priced well below many competitors, has gained traction with cost-conscious buyers and chipped away at incumbents’ market share. Zhu attributes this success to a vertically integrated approach, noting that roughly 65% of the components by value are developed in-house. That structure, he argues, gives Leapmotor a cost advantage of around 10% compared with peers — a meaningful edge in a price war where margins are often razor thin.

Scaling Up Through Partnerships and Premium Expansion

Beyond China, Leapmotor’s growth plan leans heavily on strategic alliances. Stellantis, which invested in the company in 2023, controls a joint venture responsible for producing and selling Leapmotor vehicles overseas. Production in Spain is scheduled to begin in 2026, with local sourcing requirements shaping the supply chain and signaling Leapmotor’s intent to embed itself in European markets rather than rely solely on exports from China.
At the same time, Leapmotor is preparing to move upmarket. Zhu confirmed plans to launch a premium lineup priced above 250,000 yuan, a notable shift for a brand best known for value-driven models. Success in that segment would test the company’s ability to translate cost efficiency into brand credibility, an area where many Chinese automakers have struggled internationally.

Capital Structure and Long-Term Stability

The company is also reinforcing its financial and strategic base. Leapmotor announced a share issuance to state-owned automaker FAW, paving the way for a technology partnership beginning in 2026. Management emphasized that neither FAW nor Stellantis intends to seek control, framing the arrangement as a “stable equity triangle” designed to support long-term development rather than dilute founder influence.
Looking ahead, Leapmotor’s ambitions reflect broader shifts in the global auto industry. If it can sustain domestic momentum, execute overseas manufacturing, and navigate the transition into higher-priced segments, its 4-million-unit target may look less aspirational and more strategic. Still, the road will be shaped by trade policy, local content rules, and the durability of demand as EV adoption matures worldwide.