Tech in China
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Tech in China

Leapmotor strives to become the UNIQLO of the EV industry

Linpao, AKA “Leapmotor,” means to start running from scratch.

Established in 2015, this new energy vehicle manufacturer has always been characterized by insisting on self-developed core technologies.

It is the second manufacturer globally with complete independent research and development capabilities for smart electric vehicles, behind Tesla.

Recently, Leapmotor revealed its October sales data, showing October sales of 1743 units and an increase of 66% from the previous month. Its primary sales focus model, the Leapmotor T03, sold 1,681 units within the single month of October, breaking the single monthly sales record of exceeding 1,000 units for the first time. The cumulative sales of the model have been 5358 units since its launch.

Most of the new car-making forces are planning to focus on SUVs and sedans, while Leap Motors focuses on developing small car products.

Following the launch of its first car, the Leapmotor S01, in September last year, the second car under the brand, the new high-equipped Car Leapmotor T03, was officially launched in May. “We are not aiming to be the LV of the automobile industry. Our goal is to become the Uniqlo of the automobile industry.”

The founder Jiangming Zhu said that their products do not compare with other brand models in luxury configuration, but only seek advantages in performance, comfort, and price.

Bloomberg predicts that with the gradual decline of fuel vehicles from its peak in 2017, by the year 2040, electric cars will account for 31% of global car sales, 58% of passenger car sales, 67% of all municipal buses, 47% of two-wheeled vehicles, and 24% of light commercial vehicles. In 2021, the share of electric vehicle sales in the United States will shrink to 1.7%, but in the same year, electric vehicle sales in China and Europe will increase to 8.1% and 5%, respectively.

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