On December 28, 2025, at the Hangzhou Olympic Sports Center Gymnasium, LEAPMOTOR (09863) founder Zhu Jiangming stood before a nearly 60-meter-long "Full-domain Self-developed Scroll" and reflected on the company's decade-long journey—a cross-over from the electronics industry into car manufacturing. From being mocked as a "no-name brand" to achieving annual deliveries of 597,000 vehicles in 2025, a 103% year-on-year increase, securing the top spot in sales among new automakers; from struggling with fundraising and having few retail stores to now establishing four major product lines (ABCD) and the Level 5 technology platform, achieving 65% in-house R&D and production of core vehicle components. This tenth-anniversary event, titled "Leading the Way Upward," was not merely a brand celebration but a redefinition of the competitive paradigm in the new energy vehicle sector.
That evening, LEAPMOTOR globally unveiled its D-series dual flagships: the full-size tech-luxury SUV D19 and the flagship MPV D99. The D19 is positioned in the 250,000-300,000 yuan price range, offering both extended-range and pure electric powertrains, and is equipped with an 800V/1000V high-voltage platform, Qualcomm 8295 chip, semi-aniline leather seats, and "true zero-gravity" seats. The D99 targets the 300,000-yuan MPV market, boasting a 5.2-meter length, 3.1-meter wheelbase, flexible six/seven-seat layouts, and a large 80.3kWh battery rare in its class, directly competing with models like the Li Auto MEGA and XPENG X9.
Notably, both models are built on the new D-platform, which achieves a high degree of commonality between extended-range and pure electric architectures and, for the first time, incorporates an integrated electric drive system co-developed with NIO, combining the generator and drive motor into a single, more compact, and efficient unit. Behind this product strategy lies the deepening of LEAPMOTOR's philosophy of "democratizing technology." In the past, LEAPMOTOR used models like the C10 and C11 to deliver a "configuration beyond its class" combination punch in the 150,000-200,000 yuan segment, leveraging full-domain in-house R&D to lower costs and achieve "premium quality without the premium price."
Now, the launch of the D-series marks its official charge into the high-end market, yet without abandoning its value-for-money DNA—with the D99, users can enjoy features like semi-aniline leather, CDC + air suspension, dual-vector electric drive, and even a cabin oxygen system, typically found in million-yuan luxury vehicles, all for around 300,000 yuan. This strategy of "trickle-down luxury" is reshaping the boundaries of consumer perception regarding "tech-luxury." The upgrade of the product matrix is underpinned by LEAPMOTOR's recent intensive strategic moves. On the day of the launch, the formal signing of China FAW Group's 3.744 billion yuan premium investment was completed.
Through this capital alliance and joint powertrain development, LEAPMOTOR has secured a strategic partnership with a central state-owned enterprise in China, forming a dual-driver pattern of "Domestic + Overseas" alongside its previous international cooperation with Stellantis Group. The funds will be primarily directed towards R&D and channel expansion, laying the groundwork for its 2026 target of challenging one million units in sales. Global expansion has also yielded significant results; LEAPMOTOR's overseas channels now cover 35 countries and regions, with over 800 sales and service outlets established.
In 2025, exports exceeded 60,000 vehicles, making it the sales champion among new automakers overseas, with the international market having matured into a second growth curve. The capital market has responded positively to the improvement in LEAPMOTOR's fundamentals. As of the close on January 8, 2026, LEAPMOTOR's stock price settled at HKD 48.78. Despite a slight dip of 1.34% on the day, it still represented an increase of approximately 50% compared to the beginning of 2025. Trading volume remained high, with the day's turnover reaching HKD 441 million, and the total market capitalization stabilized at HKD 69.356 billion.
Several brokerages pointed out in their latest research reports that LEAPMOTOR has transformed from a "value-for-money contender" into a "technology integrator." CITIC Securities commented: "Through its vertical integration capabilities, LEAPMOTOR continuously enhances product competitiveness while ensuring gross margins. The modularity and common production line capabilities of its D-platform are expected to significantly amortize the R&D costs of high-end models, forming a sustainable business model of 'premium yet affordable'." Huatai Securities emphasized: "Against the backdrop of an intensifying industry price war, LEAPMOTOR, with its cost advantage from over 65% in-house R&D, possesses stronger risk resilience and pricing initiative."
On a deeper level, LEAPMOTOR is validating a growth path for new automakers that differs from that of "NIO, XPeng, and Li Auto". NIO built its moat on service and battery swapping, XPeng bets heavily on intelligent driving, and Li Auto focuses deeply on the family scenario, whereas LEAPMOTOR has chosen a more "engineering-centric" path—internalizing almost the entire supply chain, from battery cell BMS and electric drive systems to intelligent cockpit chips (self-developed "Lingxin 01"), and even components like lamps, bumpers, and seats.
This ambition of transforming from an "automaker into a components maker" enabled it to maintain stable deliveries and rapid technological iteration even during the highly volatile supply chain conditions of 2025. As Zhu Jiangming stated: "We are not just building a car; we are building a replicable, scalable technology ecosystem." Challenges, of course, remain. The D19 and D99 are scheduled to launch in April 2026, when they will face intense competition from the Denza N9 enhanced by BYD's "God's Eye" intelligent driving system, derivative models of the Xiaomi SU7 Ultra, and the refreshed AITO M9 from the Huawei ecosystem.
The key test will be convincing consumers to accept its "tech-luxury" positioning before its brand premium is fully established. Furthermore, the 2026 sales target of one million vehicles places higher demands on production capacity, sales channels, and the service system. Nonetheless, it is undeniable that LEAPMOTOR is standing at a new starting point. Its tenth anniversary heralded not just two new models, but a new paradigm of "inclusive premiumization"—where technology should not be a privilege for the few, and luxury can become accessible to all.
Amidst the century-long transformation of the global automotive industry, Chinese new automakers are shifting from being "followers" to "rule-makers." And LEAPMOTOR, with the perseverance of an engineer and the boldness of an entrepreneur, is carving out its own leading posture. As geopolitical conflicts in Venezuela drive up oil prices and traditional energy security faces renewed pressure, the electrified, intelligent, and localized manufacturing system represented by LEAPMOTOR serves as a powerful testament to the resilience and innovative capacity of Chinese manufacturing.
The next decade may no longer be about "who is more expensive," but rather "who can more equitably deliver cutting-edge technology to the masses"—and on this track, LEAPMOTOR has already begun its run.
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