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Leapmotor Soared 200% on the Stock Market and Achieved 50,129 Deliveries in July 2025, with the Partnership with Stellantis Boosting Expansion Outside of China; the Company Aims for Annual Profit in 2025 and Pressures Traditional Competitors.
The Chinese Leapmotor entered 2025 as one of the hottest stories in the electric vehicle market. In 12 months, shares listed in Hong Kong jumped over 200%, while the brand set sales records and approached its first annual profit turnaround. The secret combines aggressive pricing, vertically integrated production, and an international offensive with Stellantis, owner of brands like Fiat, Jeep, and Peugeot.
Leapmotor Shares: 200% Rally in 12 Months and Fundamentals Behind the Rise
The shares of Leapmotor (9863.HK) reached all-time highs in August 2025, with an increase of over 200% since last year’s low, driven by record deliveries and margin improvements. On August 19, the stock tested the range of HK$ 73, compared to a low of HK$ 18.64 in 52 weeks. For investors, the message was growth with cost discipline.
The most recent trigger was the announcement that the company was in the black in the first half of 2025, with a profit of 33 million yuan, reversing a loss from a year earlier. Analysts, in turn, already project an annual profit of 558 million yuan in 2025, if the trajectory of volume and efficiency continues.
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The revision of goals also played a role: Leapmotor raised its sales target to 580,000 to 650,000 units in 2025 and aims for 1 million in 2026. For a brand that is still consolidating scale, more ambitious guidance tends to support growth multiples.
Affordable Electric SUV Leapmotor C11: Price and Value Proposition
In terms of product, the C11 serves as the “anchor” with affordable positioning. In 2025, the updated line opened pre-sales starting from the equivalent of around US$ 22,000, maintaining BEV and EREV versions to cater to different usage profiles. In local packages, EREV versions started from 149,800 to 159,800 yuan in July. The appeal is to deliver a spacious SUV at the price of a premium compact.
The dominant comparison in forums is with the Li Auto L6, an extended hybrid SUV that starts at 249,800 yuan. The price difference, in a market sensitive to total cost of ownership, opens space for Leapmotor to capture volume with consumers seeking first price and then sophistication.
For Brazilian readers, the quick conversion suggests something close to R$ 100,000 in direct parity. However, it is essential to focus on values in yuan, as taxation, logistics, and exchange rates significantly affect the final price outside of China.
70% Vertical Integration: How Leapmotor Reduces Costs
One of the pillars of the thesis is vertical integration. According to founder Zhu Jiangming, about 70% of the value of the electronic systems and components of the cars is developed in-house, which reduces reliance on third parties and captures margins that would go to suppliers. This design helps to support lower prices without destroying profitability.
The strategy does not stop at the complete vehicle: the company indicates plans to sell components to other manufacturers, creating additional revenue streams and diluting R&D over a larger scale. For a mass EV, every point of margin counts.
In practice, vertical integration allows for shorter update cycles, platform standardization, and centralized purchasing, which shows up in the evolution of gross margin reported throughout 2025.
Sales on the Rise: Record High in July and More Ambitious Target for 2025
In July 2025, Leapmotor delivered 50,129 vehicles, the first time above 50,000 in a month and a jump of 126% year over year. In the first half, the total reached 221,664, and adding July, the total was 271,793 units, a pace consistent with the new annual target. Recurring volume is the best remedy against skepticism.
This momentum came after a 2024 turnaround, when deliveries doubled to 293,724 and the company began to sustain monthly sequences in the range of 40,000 to 50,000 units. This is the foundation that gives confidence to talk about annual profitability.
From a portfolio perspective, the mix between BEV and EREV reduces range anxiety and expands the addressable base, especially outside major centers. It is a design that other Chinese companies also explore, but with average pricing where Leapmotor has been more aggressive.
Global Expansion with Stellantis: Europe as the First Laboratory
The internationalization gained strength with the Leapmotor International joint venture, controlled 51% by Stellantis, which has exclusive rights to build, export, and sell the models outside of China. The first shipments to Europe started in 2024, and in 2025 the network expanded, including launch in the United Kingdom through Stellantis dealerships.
However, there were adjustments: Stellantis halted the assembly of the compact T03 in Tychy, Poland, and reevaluated industrial options in the region, amidst discussions about tariffs for Chinese EVs in the European Union. The European plan continues, but with a revised production route.
For the European consumer, the proposal is clear: “High-Value” EVs with embedded technology and competitive pricing. For Leapmotor, the partnership offers existing sales channels and after-sales reach, reducing the entry cost into mature markets.
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