Leapmotor, the low-cost Chinese outsider that also challenges BYD
Leapmotor, the Chinese low-cost electric car company founded by Zhu Jiangming, is growing at a frenetic pace in China and rapidly expanding abroad thanks to its partnership with Stellantis, aiming for one million sales in 2026 and to enter the top ten global manufacturers.
As competition in the electric car market heats up, with BYD overtaking Tesla in 2025, a lesser-known but rapidly growing name is gaining traction: Leapmotor.
The story of this Chinese company, which is told to us by the Financial Times , started from scratch, until it focused everything on simple, affordable and reliable electric and plug-in hybrid vehicles, becoming one of the most interesting surprises in the sector.
In 2025, it almost reached 600,000 registrations, doubling the previous year's numbers and quadrupling those of 2023.
Thanks to a strategic partnership with Stellantis, it is now decisively looking abroad, especially Europe, with the ambitious goal of selling one million cars this year and establishing itself among the top ten global manufacturers within a few years.
The visionary founder
Zhu Jiangming, 58, built his fortune with Dahua Technology, a company that started in 2001 from a workshop with a capital of 5,000 yuan and became a video surveillance giant.
After seeing an electric Renault on the streets of Spain, Zhu saw his future bet: betting everything on battery-powered cars.
In 2015, he founded Leapmotor in Hangzhou, bringing with him a group of trusted engineers. Early investors included Sequoia and funds linked to the local government. The approach has remained that of Dahua Dahua Technology: doing a lot with little, controlling key technologies in-house, and not relying too heavily on others.
The initial challenges
The first few years of the new venture weren't exactly textbook. Zhu didn't even know a government license was needed to produce cars, and when he finally found one through a partner, the latter went bankrupt in 2020. Leapmotor had to buy another company to obtain the permits.
Since 2020, however, things have changed: the company has invested heavily in internal components (batteries, motors, control software, thermal management), reaching a vertical integration of 60-70%, second only to BYD.
Unlike Nio, Xpeng, or Li Auto, which pursue luxury and futuristic technology, Leapmotor has chosen the path of volume and accessibility.
Rapid growth
Leapmotor has conquered the domestic market by focusing on streamlined models, with aggressive prices and low fuel consumption. Its cars are especially popular in second- and third-tier cities, where people are looking for an electric vehicle without breaking the bank.
In 2025, sales of fully electric and plug-in hybrid vehicles are expected to reach nearly 600,000 units. HSBC notes that the company has gained ground in the price range under 150,000 yuan (about $21,500), reaching 58% of the market in the first ten months of the year.
Leapmotor has successfully captured this demand with well-made products, free from unnecessary technological gadgets, demonstrating that in times of economic uncertainty, simplicity can be a winning strategy.
The partnership with Stellantis and global expansion
The significant change in pace came with an agreement signed in 2023: Stellantis bought 20% of Leapmotor for 1.5 billion euros, opening the group's doors to Europe.
Exports have since exploded, exceeding 60,000 units in 2025. Three models are already on sale in Europe, with over 35,000 registrations in just one year.
Local production of the B10 SUV will begin this year at a Stellantis plant in Spain, and there is also talk of the future B05.
The stated goal is to reach one million global sales by 2026, with planned openings in South America, Africa, and Asia-Pacific. Zhu made it clear: overseas will no longer be a secondary focus, but one of the main drivers of Leapmotor's growth.
Future prospects
According to the City newspaper, this manufacturer's secret lies in its practicality. It doesn't try to dazzle with huge screens or autonomous driving, but rather delivers solid, affordable, and ready-to-use cars.
This pragmatism appeals to analysts: “Someone else paints the future, they focus on execution,” wrote an HSBC researcher quoted by the FT.
In Europe, the collaboration with Stellantis is working: 80% of Leapmotor customers are new to the group, and its models are very good at countering the offensive of other Asian brands.
Of course, some questions loom, one in particular: will Leapmotor be able to keep up as the competition shifts to increasingly sophisticated ADAS features—all those “intelligent” systems mounted on cars that support the driver (and in some cases intervene directly) to prevent accidents or reduce the severity of a potential impact?
For now, however, the numbers speak for themselves, and the company continues to grow quietly. With a stated ambition of 4 million global sales, Leapmotor is truly a candidate to be the next BYD.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/leapmotor-casa-cinese-auto-elettriche-low-cost/ on Sun, 08 Feb 2026 14:03:34 +0000.