Leapmotor teams up with Hefei government to develop NEV business

Shanghai (Gasgoo)- Leapmotor recently entered into a strategic partnership with Hefei municipal government for an all-round in-depth cooperation on new energy vehicle (NEV) business. The agreement made the company the second Chinese EV startup supported by the capital of Anhui province following NIO.

Founded in 2015 and headquartered in Hangzhou, Leapmotor owns many core technologies developed in-house, which are related to battery, electric motor, electrical control unit, intelligent connectivity as well as autonomous driving.

Leapmotor C11; photo credit: Leapmotor

Leapmotor has to-date rolled out into the market three mass-produced models, namely the S01, the T03 and the C11. Unlike most startups who choose SUV as their first mass-produced model, Leapmotor's first production vehicle, the S01, is positioned as a small-sized all-electric coupe.

The startup announced the presale of the C11, its third production model, would begin on Jan. 1, 2021, coming with three trim levels. Guiding prices range from 159,800 yuan ($24,650) to 199,800 yuan ($30,820) after subsidies.

As the company's first all-electric SUV, the C11 measures 4,750mm long, 1,905mm wide and 1,650mm tall with a wheelbase that spans 2,930mm.

Leapmotor sold 11,391 new vehicles through 2020, including 1,125 S01s and 10,266 T03s. For the month of December 2020, its auto sales leapt 49% month on month to 3,024 units.

According to an internal letter released by Zhu Jiangming, chairman of Leapmotor, the company is ambitious to crack the top three among Chinese EV startups in 2023 and seize 10% of domestic NEV market share in 2025.

The EV manufacturer intends to be listed on the technology-focused Science and Technology Innovation Board (STAR market) in the second half of 2021 or early 2022, according to Wu Baojun, co-founder and president of Leapmotor.

The investment in Leapmotor demonstrates Hefei's demands in industrial transition and introduction of supporting new industries. The city eyes an internationally advanced level in core technologies of NEVs, power batteries, electric motors, in-car operating system, and an annual NEV capacity of 1 million units by 2025, according to a document Hefei government issued in last November.