Leapmotor CEO Zhu Jiangming recently stated in an interview that it is “reasonable for automakers to sell a mid-to-large SUV for 50,000 yuan (7,000 USD) in the future as costs decrease.”
Zhu drew parallels with current electronic products, noting that a 100-inch television now sells for 5,000 to 6,000 yuan (700 to 840 USD), and a 1-horsepower air conditioner costs just over 1,100 yuan (154 USD). He emphasized that advancements in technology, particularly the increasing integration of chips, will significantly drive down vehicle production costs. Zhu believes that in the future, the primary costs for an entire car will be the System-on-Chip (SOC), along with raw materials such as steel, plastic, rubber, aluminum, and lithium carbonate for batteries, plus processing fees.
On June 11, Leapmotor officially launched its first store in Hong Kong, marking its entry into the market. This new location is also the 1,500th official store for Leapmotor globally. Zhu Jiangming stated that the Hong Kong and Macao market expansion will be managed by Leapmotor’s domestic marketing team.
Despite Hong Kong’s relatively small market size, with annual sales of around 40,000 to 50,000 vehicles, Zhu highlighted its importance as a key window for global capital to understand Leapmotor.
The new energy vehicle (NEV) market in Hong Kong has seen rapid growth. Data from the Hong Kong Transport Department shows that in the first half of 2024, electric vehicles accounted for approximately 75.3% of the 26,632 first-time private car registrations, totaling 20,052 units. In the first quarter of 2025, NEV brands performed strongly, with 9,940 first-time registrations. Chinese brands secured five out of the top ten MPV sales positions in the first quarter, indicating a rising penetration of new energy MPVs.
Leapmotor faces stiff competition in Hong Kong, as numerous Chinese electric vehicle brands have already entered the market. These include BYD and its Denza sub-brand, SAIC’s MG and Maxus, and GAC’s Aion. Newer players like Xpeng, Zeekr, and Seres also established their presence in Hong Kong before Leapmotor.
Leapmotor, founded in December 2015 and headquartered in Hangzhou, Zhejiang, was previously a second-tier new energy vehicle startup but has now secured a leading position. The company’s latest data shows May deliveries of 45,067 units, a growth rate exceeding 148%. This marks the third consecutive month this year that Leapmotor has claimed the top spot among new energy vehicle startups. Leapmotor was listed on the Hong Kong Stock Exchange in 2022. In 2024, the company formed a strategic partnership with Stellantis Group, receiving an investment of approximately 15 billion yuan (2.1 billion USD) and expanding into overseas markets.
Leapmotor’s current lineup primarily consists of SUVs. The Leapmotor C10 is a mid-size SUV available in extended-range and pure electric versions. The Leapmotor C11, also a mid-size SUV, is larger than the C10. The Leapmotor C16 is a mid-to-large SUV with a six-seat layout, designed for larger families. These models are generally priced between 120,000 and 200,000 yuan (16,800 to 28,000 USD).
Leapmotor has established approximately 500 overseas dealerships, primarily in Europe, through partnerships. The company plans to finalize local production sites in Europe and Southeast Asia within the current year.
