KATHMANDU: Chinese electric vehicle maker Leapmotor is emerging as a mass-market competitor to BYD by focusing on affordable EVs instead of premium technology, according to media reports.
The company targets budget-conscious buyers, particularly in smaller Chinese cities. This strategy has gained momentum during China’s economic slowdown, with EVs priced below USD 21,500 now accounting for nearly 60 percent of the domestic market.
Founded in 2015, Leapmotor shifted to in-house development after early licensing and production challenges. It now develops around 60-70 percent of its vehicle systems internally, second only to BYD.
In 2025, Leapmotor sold nearly 600,000 plug-in hybrid and battery electric vehicles, doubling year-on-year sales. The company aims to sell 1 million vehicles this year and has set a long-term target of 4 million global sales.
Global expansion is a key focus. Leapmotor has launched three models in Europe, registering over 35,000 vehicles in the past year. It plans to begin local production in Spain using Stellantis facilities to control costs.
Stellantis acquired a 20 percent stake in Leapmotor in 2023 for about USD 1.6 billion, giving the company access to European factories and dealer networks. Exports rose to over 60,000 units in 2025, although volumes remain lower than BYD’s.
Leapmotor said its growth strategy is driven by cost efficiency and execution, rather than advanced technologies. Analysts expect this approach to support expansion across Europe, South America, Africa, and Asia-Pacific markets.
In Nepal, Leapmotor vehicles are distributed by Shangrila Motors. The brand currently sells the C10, B10, and T03 models in the country.
