EV startup Leapmotor eyes 800,000-unit annual sales by 2025

Shanghai (Gasgoo)- Leapmotor said on July 15 it is ambitious to sell  800,000 vehicles per year by 2025. It expects its annual sales to reach 62,400 units this year.

The startup has raised over 4.5 billion yuan ($696.002 million) in its Pre-IPO round, which was led by China Capital Investment Group, according to a local media outlet. Notably, Hangzhou Municipal Government, as one of the investors, poured 3 billion yuan ($464 million) into this funding round.

Leapmotor C11; photo credit: Leapmotor

According to the company's plan, Leapmotor plans to file for an IPO in the second half of this year, and is expected to go public at the end of 2021 or in early 2022.

As of June 2021, the EV manufacturer delivered a total of 21,744 new vehicles in total. Its monthly deliveries amounted to 3,941 units last month, rocketing 893% year on year, while also rising 23% month on month, according to the company's sales results.

On July 14, Leapmotor announced its plant in Jinhua, Zhejiang province was given the governmental permit to manufacture complete vehicles. Meanwhile, several versions of the T03 mini cars and the C11 SUV have been included in catalogues issued by China's Ministry of Industry and Information Technology (MIIT). As Leapmotor's third production model, the C11 is currently available for presale and is expected for delivery in the fourth quarter of 2021. The MIIT's information indicates that the C11 will soon go into volume production at Leapmotor's self-owned plant.