Leapmotor partners with China Construction Bank, securing RMB10 billion in capital

Beijing (Gasgoo)- China’s EV startup, Leapmotor, has signed a strategic agreement with China Construction Bank, Zhejiang provincial Branch.

The agreement brings reciprocity and mutual benefit to both parties. Both parties will cooperate in offering various services, such as assets management, supply chain finance, auto finance, and settlement. Besides, the bank will provide nearly RMB10 billion in strategic funding support for the technology company in five years.

the C11; photo credit: Leapmotor

Founder, chairman,and CEO of Leapmotor, Zhu Jiangming stated, that China’s new energy vehicle industry is seeing exploding growth in a few years. Leapmotor is accelerating its business layout in aspects like production capacity, technology, and vehicle stock. The partnership with China Construction Bank is a win-win strategy to achieve a high-efficiency capital utilization rate.

Leapmotor possesses comprehensive developing and producing capacity as a technology-focused NEV manufacturer, with an extreme capital utilization rate. The company has three models on the market, the S01, the T03, and the C11.

The automaker’s new car deliveries skyrocketed 720% year on year to 4,488 vehicles in August, up 1.9% compared to July, indicating a consecutive monthly growth for half a year.

The company’s new car orders saw a 16% rise month on month to 7,607 vehicles in August, accumulating to 35,662 vehicles for the first eight months. Its mainstay model T03 has an order number of 7,228 vehicles, increased by 18% versus the previous month, making up 95% of the total orders in August.

Leapmotor set an annual target of selling 800,000 vehicles in 2025, and bring forward eight new models pricing under RMB350,000. The company intends to continue developing its computing center in five years, hoping to lead the intelligent vehicle field. Leapmotor plans to enter the overseas market in 2022.