Feasibility Analysis of Leapmotor's 2026 Sales Target of 1 Million Units

Based on collected market data, company announcements, and industry information, I will conduct a systematic assessment of the feasibility of Leapmotor’s 2026 sales target of 1 million units.

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According to statements by founder Zhu Jiangming in the company’s internal letter and at the 10th anniversary celebration, Leapmotor has designated 2026 as the ‘Year of 1 Million Units Breakthrough’ and launched a full-scale challenge to achieve annual sales of 1 million units. If the target is achieved, Leapmotor will become the first new energy vehicle (NEV) startup in China to exceed 1 million units in annual sales [1][2]. The company’s long-term vision is to become a global intelligent electric vehicle enterprise with annual sales of 4 million units.

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Year	Annual Sales (10k units)	YoY Growth	Key Milestones
2022	11.1	-	First model C11 starts delivery
2023	14.4	+30%	Product matrix initially formed
2024	~500k (target achieved ahead of schedule)	+247%	Topped NEV startup sales ranking
2025	Estimated ~600k	+20%	Monthly sales exceed 70k units

Data shows that Leapmotor has shown strong growth in the past three years, especially achieving leapfrog development in 2024 and completing the annual target of 500k units ahead of schedule. The full-year sales in 2025 are expected to be close to 600k units, topping the NEV startup sales ranking for consecutive months [1][3].

From 600k to 1 million units, an approximate 67% growth is required. From historical data, Leapmotor has demonstrated explosive growth capacity of 247% in 2024, but this growth rate was based on a low base. Achieving a 67% growth on the current scale of 600k units significantly increases the challenge.

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Leapmotor has formed a product matrix covering all vehicle categories:

Model Series	Representative Products	Market Performance
C Series	C10, C11, C16	C10 monthly sales remain at a high level of over 20k units
B Series	B10, B01	Launched in 2025, sold well upon release
A Series	A10	Unveiled in Nov 2025
D Series	D19 (Flagship)	Unveiled in 2025, expected to launch in 2026
MPV	D99	First MPV model

As the core model, C10’s monthly sales are stable at over 20k units, becoming the main driver of Leapmotor’s sales growth [2]. The new products of B Series and A Series launched in 2025 have continued the trend of ‘selling well upon release’.

Leapmotor has completed the product layout of four major series (ABCD) and Lafa5, forming a diversified product lineup covering sedans, SUVs, and MPVs, achieving full coverage from A0 to D class [3]. This complete product matrix can meet the needs of different consumer groups, providing a product foundation for targeting the 1 million unit target.

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Indicator	Data
2025 cumulative exports	60k units
Countries covered	35
Overseas sales & service outlets	Over 800
European outlets	Over 750
Asia-Pacific outlets	Over 60
South American outlets	Over 40

2025, as the first full year of Leapmotor’s internationalization journey, saw it become the NEV startup export champion with 60k units [1][2]. Overseas markets have become an important second growth curve for Leapmotor.

With the global resource system of Stellantis Group, Leapmotor has received comprehensive empowerment in channel networks, after-sales services, auto finance, logistics, and parts [3]. This cooperation model allows Leapmotor to quickly enter regional markets such as Europe, Asia-Pacific, South America, the Middle East, and Africa, avoiding the high costs and time investment of establishing overseas channels independently.

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In March 2025, Leapmotor reached a deep cooperation with China FAW Group, which strategically invested 3.744 billion yuan. The two parties established a cooperation model of ‘joint R&D, collaborative production, and global layout’ [3]. This cooperation means that Leapmotor’s ‘full-domain self-research’ model and supply chain capabilities have been deeply recognized by traditional auto giants, and FAW’s manufacturing, supply chain, and channel resources will provide strong support for Leapmotor to scale up further.

Leapmotor adheres to the full-domain self-research route, with its R&D system covering core areas such as vehicle architecture, electronic and electrical architecture, batteries, electric drives, cockpits, and intelligent driving, achieving independent control of core technologies accounting for 65% of the vehicle cost [2]. This technology autonomy strategy allows Leapmotor to optimize costs while maintaining product competitiveness, supporting its product concept of ‘good quality at an affordable price’.

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The NEV market in 2026 will show the following characteristics:

• Accelerated intelligent transformation: The shift from electrification to intelligence will speed up, and technological competition will become more intense [1]
• Policy changes: Adjustments to policies such as purchase tax subsidies will affect the market structure
• Fierce competition: Price wars continue, and automakers’ profit margins are under pressure

• Complete product matrix covering all levels of vehicles
• First-mover advantage in overseas markets, strategic synergy with Stellantis and FAW
• Cost advantages from technology autonomy
• Expected to achieve first annual profit in 2025, financial situation improved [2]

• Need to achieve 67% growth for target sales, significant challenge
• Fierce market competition, need to face pressure from leading enterprises like BYD and Tesla
• Transition risk from ‘subsistence level’ to large-scale profitability
• Continuous capital demand, cumulative government investment of over 9 billion yuan from 2024-2025 [3]

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Based on the above analysis, Leapmotor needs to meet the following conditions to achieve the 2026 sales target of 1 million units:

Key Factors	Specific Requirements
Main models continue to sell well	Core models like C10 maintain monthly sales of over 20k units
New products successfully launched	New models like D19 and A10 contribute to sales upon launch
Overseas market breakthrough	Export volume needs to increase from 60k units to a higher level
Production capacity guarantee	Collaborate with FAW and other partners to ensure production capacity supply
Stable capital chain	Maintain healthy financing rhythm and cash flow

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Dimension	Score (1-5)	Explanation
Historical growth momentum	4	2024 explosive growth verifies growth potential
Product competitiveness	4	Complete product matrix, strong performance of C10
Overseas market potential	4	Synergy with Stellantis, good momentum in overseas expansion
Production capacity support	4	Cooperation with FAW provides production capacity guarantee
Target difficulty	2	Need 67% growth from 600k to 1 million units, great challenge
Comprehensive score	3.6	Feasible but with significant challenges

Leapmotor’s 2026 sales target of 1 million units is

. The growth requirement from 600k to 1 million units is quite difficult in the current market environment, but considering the following factors, the target is not out of reach:

1. Historical growth inertia
   : Leapmotor demonstrated explosive growth capacity of 247% in 2024;
2. Product matrix support
   : Intensive launch of multiple new models will provide incremental contributions;
3. Overseas market increment
   : It is expected to continue expanding on the basis of 60k units of exports;
4. Strategic resource synergy
   : Cooperation with FAW and Stellantis provides production capacity and channel support.

If Leapmotor can maintain the market popularity of its main models, successfully scale new products, and continue to break through in overseas markets, there is a high possibility of achieving the 1 million unit target. Conversely, if market competition intensifies leading to an escalation of price wars, or the market response to new products is lower than expected, the target will face greater pressure. Regardless of the outcome, Leapmotor, as the first NEV startup to propose a 1 million unit target and have the possibility of achieving it, its development trajectory itself is of milestone significance.

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[1] Jiemian News - “Why Leapmotor, which has been low-profile for ten years, can be the first to announce the ‘1 million units annual sales’ target among new NEV startups” (https://www.jiemian.com/article/13824009.html)

[2] Sina Finance - “2026 sales target of 1 million units: Leapmotor focuses on high-end and overseas markets” (https://finance.sina.com.cn/roll/2025-12-30/doc-inhequpm5715990.shtml)

[3] Sohu Auto - “FAW invests 3.7 billion yuan to take a stake in Leapmotor; Zhu Jiangming: 2026 sales target is 1 million units” (https://m.sohu.com/a/970463173_430392)