Monday, July 22, 2024

Leap Motor will launch eight new electric vehicle models by 2025

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Chinese electric vehicle manufacturer, Leap Motor has filed for an IPO in Hong Kong and will launch eight new electric vehicle models by 2025.

The IPO on the Hong Kong stock exchange is expected to see Leap Motor bring in at least one billion US dollars which will be used to drive the development of a new electric vehicle model.

In the plan until 2025, Leap Motor targets one to three new electric vehicle models per year. Total Leap Motor will offer a total of eight new models by 2025.

According to CN EV Post, the number of shares to be sold on the Hong Kong Stock Exchange was not stated. The one billion dollar figure comes from someone familiar with the plan citing this amount to Bloomberg.

Leap Motor itself was founded in 2015. In the vehicle portfolio that has been produced, Leap Motor sells the T03 small car, the S01 coupe and the C11 SUV. Late in 2022, Leap Motor plans to launch a model called the C01, which is an e-sedan about five meters long.

The C01 and C11 SUVs will reportedly also be launched in Europe. But the Leap Motor has not confirmed it. The C11 is an electric SUV that is a competitor to the MG Marvel R.

In the list of models to be produced, two of them are listed in the same category as coupes, compact cars and sedans. Four models are electric SUVs in various sizes, plus a van or MPV is planned.

In 2021 Leap Motor delivered 43,748 electric cars and 11,520 in the first two months of the year. The company has not commented on possible exports.

Leap Motor is indeed less exposed to other electric vehicle manufacturers from China such as Nio, Xpeng or Aiways. However, Leap Motor is still one of the best-funded EV start-ups from China. In the previous financing round Leap Motor had raised more than 11.5 billion yuan or 1.63 billion euros.

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