Chongqing - Several Chinese new energy vehicle (NEV) makers released their November sales on December 1, with Leapmotor again surpassing 70,000 units—well ahead of Nio, Xpeng and Li Auto—solidifying its lead among China’s EV startups.
Leapmotor B10 models are neatly lined up at the dock, awaiting shipment. (Photo/Leapmotor)
In China, startups in NEV makers refer to firms founded by internet entrepreneurs, tech elites, or cross-industry innovators, not traditional car manufacturers like BYD, which transitioned into NEVs. Leapmotor, Xpeng, Nio, and Li Auto are typical examples.
According to the China Automobile Dealers Association, these new players held a 22.7% retail market share of the domestic NEV market in October, positioning them as a force driving market growth.
Leapmotor reported 70,327 vehicles sold in November, marking its ninth consecutive month of growth since March. October's sales had already surpassed 70,000 units, reaching 70,289. November sales showed a slight month-on-month increase of about 0.05%. By the end of November, Leapmotor's cumulative sales for 2025 reached 536,132 units, surpassing its annual target of 500,000 vehicles ahead of schedule.
In contrast, Nio, Xpeng, and Li Auto reported November sales in the 30,000 to 40,000 range. Nio sold 36,275 units, Xpeng reached 36,728, and Li Auto reported 33,181. Compared to October, Nio and Xpeng experienced declines of 10.23% and 12.58%, respectively, while Li Auto saw a modest increase of 4.45%. For the year-to-date, these companies accumulated total sales of 308,972, 391,937, and 362,107 units, respectively, with a clear gap between them and Leapmotor.
Leapmotor, founded in 2015, started at the same time as Nio, Xpeng, and Li Auto but initially attracted less market attention, with just 11,391 units sold in 2020. However, through continued investment in technology development and strategic adjustments, Leapmotor has achieved rapid growth, surpassing 500,000 units in just five years.
CR Securities pointed out that Leapmotor's success is primarily due to its product configuration and precise customer targeting. The company has focused on the mass market within the 100,000-200,000-yuan (14,142-28,285 U.S. dollars) price range, with the launch of the C10 and C16 models in 2024 driving sales growth.
The C16, for instance, did not enter the competitive mid-to-large SUV market under 200,000 yuan but instead targeted the specific need for family cars, focusing on the six-seat, sub-200,000-yuan segment. In 2024, this niche had not yet seen intense price competition, allowing Leapmotor to capitalize on an early market opportunity.
Additionally, compared to competitors like Geely's Galaxy M9 and Dongfeng's eπ008, which fall in the 160,000-250,000 yuan range, the C16’s pricing of 150,000-190,000 yuan remains a competitive advantage in terms of value.
According to Xinhua Finance, Founder and Chairman of Leapmotor, Zhu Jiangming, stated that international business has become a "second growth engine" for the company. Unlike most Chinese automakers that directly handle overseas market expansion and factory construction, Leapmotor has formed a unique international development strategy through a partnership with European auto giant Stellantis.
In May 2024, the two companies jointly established Leapmotor International, a joint venture where Stellantis holds a 51% stake and Leapmotor holds 49%. While Leapmotor focuses on core product R&D and innovation, Stellantis manages overseas distribution channels and after-sales services. The venture holds the global sales and manufacturing rights for Leapmotor outside the Greater China region, becoming the core vehicle for the company’s overseas expansion.
CR Securities believes that with Stellantis’ strong global dealership network and brand influence, Leapmotor has an edge over other Chinese NEV brands in terms of overseas distribution and manufacturing. The company’s total sales in Europe for 2025 are expected to surpass those of Xpeng. According to official data from Leapmotor, the company had exported 37,772 units by the end of the third quarter in 2025.