Chinese EV maker Leapmotor looks to sell EV tech in Europe

September 5, 2023 8:15 pm

Chinese EV make Leapmotor plans to initiate its export efforts, with a primary focus on Europe, Australia, and New Zealand. This strategy will coincide with the introduction of five new models that are currently under development and will be based on a new platform. CEO Zhu Jiangming shared this strategic direction during an interview conducted at the Munich auto show on a Monday evening.

Leapmotor chose the auto show as a platform to introduce its latest SUV model, the C10. This vehicle marks a significant milestone as it is the company's inaugural global market-oriented product. Additionally, Leapmotor is making its technology available for licensing to other automakers.

In addition, Leapmotor has announced that in the future, it will not only enter the European market as an automobile manufacturer but will also provide electric architecture, architecture + battery + motor, platform, and vehicle models in the capacity of a supplier. Furthermore, starting from the Leapmotor C10, they plan to release five models to the global market within two years. These will primarily target four major markets: Europe, Asia-Pacific, the Middle East, and the Americas.

In order for our company to ensure its long-term viability, we must aim for an annual global sales volume ranging from 500,000 to 1 million units. CEO Zhu emphasized that it will likely require a period of two to three years for the company to reach and sustain this target.

Zhu added that it would be economically viable for a Chinese automaker to establish a manufacturing facility in Europe only when they achieve an annual sales volume approaching 500,000 vehicles.

In 2022, Leapmotor achieved impressive sales figures, selling nearly 111,000 electric vehicles (EVs) in China. This marked a substantial increase from their 2021 sales, which stood at just over 44,000 units.

Leapmotor has a small presence in major cities like Beijing, Guangzhou, Shanghai, and Shenzhen, but it has an advantage in less developed regions and smaller cities that are frequently disregarded by major EV brands.