Leapmotor

Zhejiang Leapmotor Technology Co., Ltd., trading as Leapmotor, is a Chinese startup automobile manufacturer headquartered in Hangzhou, China, specializing in developing electric vehicles. The company was founded in 2015, and sold its first vehicles in 2019. In 2023, Stellantis acquired 20 percent stake of Leapmotor, and plans to sell Leapmotor vehicles in Europe.

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

On June 13, 2018, at CES Asia, Leapmotor announced that the first domestically made artificial intelligence (AI) chip, dubbed “Lingxin 01” has entered the integration verification phase. The AI chip was co-developed by Leapmotor and Zhejiang 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 for autonomous vehicles, and features the capability of deep learning and leading computing power. The company vertically integrates high margin components by developing and building its own components such as electric traction motors, vehicle CPU, and LED lighting.

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.

In June 2019, the first product, the Leapmotor S01 electric 2-door coupe, is launched on the Chinese market. A prototype was shown at the 2017 Guangzhou Auto Show. At that time, the company had raised RMB 380 million in capital, and construction of the factory had started. The S01 was initially shown as the LP-S01 coupe earlier in 2018. The first deliveries occurred of the S01 in June 2019.

In May 2020, Leapmotor and state-owned Chinese automaker FAW forged 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.

On May 11, 2020, Leapmotor officially launched its second mass-production EV, the Leapmotor T03 electric city 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 NEDC cruising range.

In November 2020, Leapmotor officially launched the third mass-production EV, the Leapmotor C11 electric crossover, based on the 2019 C-More concept. The C11 is powered by dual electric motors jointly rated at 400 kW and 720 Nm of torque. The Leapmotor C11 have around 600 km of driving range.

In August 2023, FAW-VW, one of the Chinese joint venture of Volkswagen Group, entered discussions with Leapmotor to explore the potential acquisition of a platform for manufacturing new electric cars under the Jetta brand, specifically tailored for the Chinese market.

Expansion and cooperation with Stellantis
In October 2023, Stellantis expressed 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, a joint venture company 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 at IAA Mobility 2023 in September, where the first global product, the large SUV Leapmotor C10, was unveiled.

In February 2024, Reuters reported that Stellantis was exploring the possibility of producing a Leapmotor model at the Italian plant in Mirafiori, Turin. However, a month later, it was decided that the Leapmotor T03 city car would be assembled at the FCA Poland plant in Tychy.

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 with T03 and C10 launched first. In the next three years, Leapmotor International will launch at least one new model every year.