Monthly Sales Hit 80,000, Who Actually Buys Leapmotor?

"Delivered 81,569 units in May, a year-on-year surge of 81% and a month-on-month increase of 14.26% compared to April."

In early June, Leapmotor released this monthly report. If this growth momentum continues, its annual sales will approach or exceed one million units. An annual sales volume of one million units can largely secure a spot in the domestic passenger car sales TOP 10 in advance. As a reference, CPCA's 2025 wholesale sales data shows that Tesla, the 10th place domestic automaker, had a full-year wholesale sales volume of 852,000 units, averaging about 71,000 units per month. And Leapmotor's single-month delivery volume in May has already exceeded last year's Tesla monthly average level.

Horizontally comparing with other new forces, the delivery volume of the top four brands, Li Auto, XPeng, NIO, and Zeekr, in May was all in the range of 30,000 units.

From the S01, the first model in 2019 with an annual sales volume of less than 3,000 units, to 2025 with annual deliveries approaching 600,000 units, to this May standing at 80,000 units, Leapmotor has become one of the fastest-growing new energy brands in China.

"Who exactly is buying Leapmotor?" After the monthly sales figure of 80,000 was released, an industry insider made such a comment to Gasgoo Automotive. Through the domestic insurance quantity data provided by Gasgoo Automotive Research Institute and overseas sales situation, we can see a truer side behind Leapmotor's growth.

Not Only Benefiting from New Energy Dividends

After the penetration rate of new energy passenger cars broke through 50%, the market logic has changed.

In the early stage of the industry, the new energy market was mainly driven by users trying new things. These consumers are willing to accept new technologies, sensitive to intelligent configurations, and willing to bear certain trial and error costs. But today, the power driving the market to continue expanding increasingly comes from the replacement demand of traditional fuel car users.

For a large number of ordinary families, car purchase decisions are not chasing cutting-edge technology, but a concrete economic calculation. Data from monitoring of refined oil products by the NDRC and other departments shows that the retail price of 92-octane gasoline in most mainstream provinces has long fluctuated around 8 yuan/liter, and the annual fuel expenditure for an ordinary fuel sedan generally exceeds 10,000 yuan.

In comparison, the daily usage cost advantage of new energy models becomes obvious. Families with budgets concentrated in the 100,000 to 200,000 yuan range found that: with the same car purchase budget, new energy not only reduces subsequent usage costs but also provides larger space, richer configurations, and better intelligent experiences. This pushed a large number of fuel car users to start entering the new energy market.

Leapmotor is exactly in the price interval with the most concentrated demand. Compared to some brands relying on the high-end market or niche tracks, its main models basically cover the 100,000 to 200,000 yuan market, which is the largest block of domestic passenger car market capacity, and also enjoyed the dividend of new energy in this market.

Image Source: Leapmotor

Terminal feedback confirms this. According to Guojin Securities survey, many users who visited the store previously drove Sylphy, Lavida, Corolla, Haval H6 and other traditional family models. This group of replacement customers paid highly consistent attention when choosing cars at the store: Is the space big enough? Does the range meet daily use? Is the configuration rich? Is the price cost-effective.

Not only that, Leapmotor also benefited from the incremental dividend of new energy sinking down. In the past few years, charging facilities in cities at the third and fourth levels and county areas have gradually improved, which alleviated the power supply issue that previously constrained car purchases in lower-tier markets, releasing a large number of new energy car purchase demands.

Taking A10 as an example, this entry-level model launched in March this year, May sales reached 23,000 units. Aijian Securities survey shows that the terminal orders for this car were concentrated in third-tier and below prefecture-level cities and county-level sinking markets.

From this, it can be seen that Leapmotor is not simply benefiting from the improvement of new energy penetration rate, but took a relatively favorable position in the process of two trends releasing simultaneously: fuel car replacement and first-time purchase in sinking markets.

Domestically, Who Buys Leapmotor?

Compared to wholesale sales, insurance data (due to different statistical calibers, there are differences with official data) can more intuitively reflect domestic real terminal demand. From the domestic insurance data of the first four months of 2026, the profile of Leapmotor users is very clear.

From the perspective of vehicle model structure, most users are buying cars for families. Among them, C10 cumulative insurance quantity approached 30,000 units, accounting for about one-quarter of Leapmotor's first 4 months domestic total insurance quantity (125,000 units); B01 and C11 insurance quantity were both around 18,000 units; B10 insurance 16,000 units; C16 proportion exceeded 10%.

At the same time, A10 and lafa 5, two new cars, also showed strong growth momentum. A10 was launched less than 2 months ago, and insurance quantity in April was already close to 10,000 units; lafa 5 sales in the first 4 months also reached 13,000 units; D19 which was launched not long ago also had insurance quantity over 1,000 in April.

Based on sales, it can be seen that Leapmotor has multiple models jointly undertaking sales tasks, and multiple new cars have the trend of becoming blockbusters. Although Leapmotor's product line covers multiple price bands, it targets mainly the same group of people: pragmatic family users.

Based on the analysis of sales volume proportion of Leapmotor models, most family car purchase budgets should be concentrated around 150,000 yuan, hoping to get larger space, smart cockpit, longer range and lower usage cost under the same budget.

Looking at the user profiles of A10 and D19 models together might help understand Leapmotor's precise coverage capability at different price levels better.

A10 enters the young family first purchase or additional purchase demand at the 100,000 yuan level price. Leapmotor Automotive's profile of the first batch of large deposit users of this car shows: more inclined towards 'Dad and Mom' group, core decision factors include space, combined assisted driving, smart cockpit. Among them, more than 60% are families with children, female users account for 42%; 43.2% of users love tourism, inclined to 505km long range version. The first batch of large deposit cities TOP5 include Hangzhou, Tianjin, Shanghai, Chengdu and Beijing, etc.

The first batch of D19 owners profile presents another group of people: 69.6% are 30-44 year old people, undergraduate and above proportion 62.6%, management proportion 74.4%; 95% are replacement purchase users, among replacement purchase users 30% come from BBA owners, among replacement users 19.7% are old Leapmotor owners; 35.5% come from Zhejiang, Guangdong, Jiangsu three provinces, among which 62% are local native residents.

Zhu Jiangming stated: 'D19 May new orders continue to break 10,000.' This flagship SUV launched in April just entered the stable ramp-up period in the second month after launch.

The portrait difference between A10 and D19 corresponds to the two ends of Leapmotor's product matrix: A series meets the first car purchase or additional purchase demand of mainstream families with high cost-performance, D series takes over the upgrade replacement demand of middle-class families with higher pricing and luxury configurations. Two lines and B series, C series form an upgrade chain, jointly constituting the user base of Leapmotor's 80,000 units monthly sales.

City distribution can also explain the problem. In Leapmotor's first four months 2026 domestic insurance TOP15 list, Hangzhou, Guangzhou, Chongqing, Shanghai, Chengdu and other cities rank at the front. Except for a few super first-tier cities like Shanghai, other cities are mostly first-tier or quasi-first-tier, possessing huge middle-class and salaried family groups, tending to make decisions based on actual needs, focusing more on the product itself than brand halo.

As Leapmotor's headquarters, multiple prefecture-level cities in Zhejiang performed outstandingly, Taizhou 2,637 units, Ningbo 2,525 units, Wenzhou 2,300 units, all entered the 1-4 months insurance TOP15 list. It can be seen that its long-term accumulated user reputation and channel foundation in the Zhejiang market helped the brand achieve stable growth.

More worthy of attention is the sales structure. April insurance data shows, Leapmotor rental, operation and other attribute proportions were extremely low, the vast majority were private cars for personal use and non-operation procurement by enterprises and institutions. In the background where many new energy brands rely on ride-hailing cars and travel platform procurement to boost sales, Leapmotor's terminal sales are basically dominated by personal users.

Abroad, Who Buys Leapmotor?

When the domestic market gradually enters the stock competition stage, the overseas market is becoming an increasingly important growth source for some Chinese automakers. It is the same for Leapmotor.

Gasgoo Automotive Research Institute data shows, from January to April 2026, Leapmotor accumulated exports of 64,000 units. Its single-month export in April reached 22,000 units, accounting for 30% of the brand's total monthly sales.

Consumption demand differences in different markets are huge, Leapmotor's practice is to launch suitable models for each market.

Europe is Leapmotor's largest overseas market, January-April accumulated sales reached 38,000 units. Especially in Italy and Belgium, two places, same period sales exceeded 10,000 units, ranking the top two in its export destinations. In addition, good results were achieved in UK and France, January-April sales exceeded 1,000 units.

T03 became the main force of Leapmotor exporting to Europe. Because local energy prices have been high for a long time, and there are problems such as narrow roads in old towns and cramped parking spaces, small pure electric models naturally have advantages.

From January to April, T03 single model export to Europe reached 18,000 units, accounting for nearly 50% of its total European sales, the main export country is Italy. Compared to European micro EVs, T03 price is cheaper by about 20%, configuration also adds L2 level intelligent driving and large screen. Cost-performance is its core selling point.

Southeast Asia market is different. Indonesia, Malaysia and other countries per capita income level is relatively limited, car purchase budget is generally not high. From January to April, Leapmotor exported about 8,000 units in total in Southeast Asia, among which T03 registered 5,479 units. This model combines price, range and practicality, easier to gain local consumer recognition.

Leapmotor in South America market takes Brazil as the core. Brazil territory is vast, long-distance travel frequent, charging infrastructure construction is still being improved, range-extended products match local needs better. From January to April, Leapmotor exported 6,614 units in Brazil, among which C10 range-extended version accounted for 6,557 units exclusively.

Product adaptation solves the 'what to sell' problem, but 'how to sell' is equally key. With the不断扩大 scale of overseas sales, this requires supporting channel networks to match. And, to serve customers well, channels should go first.

To lay out channels faster, open fame in strange countries, Leapmotor chose to cooperate with global automakers. In 2023, Leapmotor and Stellantis reached cooperation, the latter invested 1.5 billion euros to take equity, both parties jointly established Leapmotor International. Stellantis relies on its own mature European distribution system and South America channel resources, the joint company is fully responsible for Leapmotor model sales, maintenance and local promotion.

In 2025, Leapmotor International in South America first landed Brazil 36 stores, Chile 5 stores total 41 outlets, later gradually expanded to Argentina, Colombia and other countries.

At the same time, to further strengthen European market competitiveness, avoid tariff risks, Leapmotor in Spain, Malaysia and other places simultaneously promoted local assembly factories. Its sales volume rise in Italy, Belgium and other European markets can reflect channel value.

For most Chinese brands, the biggest challenge of overseas market is often not products, but channels and after-sales system. From store building, training to service capability construction, usually takes several years. Leapmotor with mature channels, greatly shortened market introduction cycle.

This is because, product value is the foundation of going overseas, channel capability determines the speed of going overseas. Leapmotor overseas volume release is the result of product adaptation and channel double action.

Why is it Leapmotor?

Return to the original question. Why among new forces, only Leapmotor achieved the monthly sales of 80,000 results.

In the past few years, new forces industry continuously discussed high-level intelligent driving, AI large models, ecosystem systems. These directions are of course important, but from market scale perspective, what truly determines the sales ceiling is always the huge number of ordinary families.

For most Chinese consumers, a car is first a durable consumer good, needs to possess space big enough, configuration high enough, usage cost low enough, price affordable factors. This demand seems ordinary, but corresponds to the largest user group in the market. Leapmotor sales growth, essentially built on continuous coverage of this group.

Image Source: Leapmotor Automotive

From product structure perspective, brand has formed A, B, C, D multiple product sequences. 2026 new products concentrated landing: end of March A10 launched, April D19 flagship SUV on sale, later D99 MPV, overseas exclusive models will also be put on the market successively. Product prices extend from 70,000 to 300,000, covering multiple intervals from entry-level代步 to family SUV.

From cost control perspective, full-domain independent R&D is Leapmotor's core capability. Securities research data shows, Leapmotor core parts independent research rate exceeds 65%, LEAP whole vehicle platform parts universality rate up to 88%. From three-electric, electric control to vehicle-mounted chips, whole vehicle architecture, independent R&D production, got rid of foreign parts manufacturer procurement premium.

From market layout perspective, its January-April domestic insurance plus overseas export total sales volume close to 190,000 units (data statistics caliber different, will exist difference). Especially overseas sales proportion from 2025 less than 10% increased to 30%, domestic and overseas double line growth further disperses single market fluctuation brought risk.

This product, cost, market three-in-one layout, actually points to the same judgment: Leapmotor did not go chasing windmills that have not been verified, but honestly rooted in a demand pool that has been verified, and still continues to expand.

Image Source: Leapmotor Automotive

Cost advantages brought by full-domain independent R&D capability, superimposed on the formation of sales volume scale effect, are reflected in Leapmotor's financial data.

2025, Leapmotor full year achieved net profit attributable to parent company 540 million yuan, is one of the few new forces achieving full year profit. 2026 first quarter, although affected by new product R&D, overseas factory investment drag, its net profit attributable to parent company was -390 million yuan, but gross profit margin still maintained at 9.4%, still better than many peers who rely on loss-making price reduction to exchange for sales.

From 2019 niche start, to today monthly sales 80,000 units, Leapmotor's growth path is not complex: no betting on high-end, no hype concepts, rooted in 100,000-200,000 yuan level home market, calculate space, range, configuration and price clear.

Full-domain independent R&D held down costs, multi-model covered different budget family demands, overseas借助 Stellantis channels rapid volume release. These three points superimposed, stepped on the switching node of new energy from trial to popularization.

Leapmotor can sell to 80,000 units, also explains one thing: when industry no longer tells brand stories, ordinary families will vote with budget. Who can give the most practical value in limited budget, who can get more market share. As for technical slogans and ecosystem vision, that's the next step.