Leapmotor Surpasses Tesla in China with Explosive Sales; Stellantis Korea Remains Cautious

*This content was translated by AI.

China's electric vehicle brand Leapmotor recorded May sales of 81,569 units, an 81% increase year-on-year and a 14.26% increase month-on-month. This figure surpasses Tesla's monthly average sales of approximately 71,000 units last year. If the current trend continues, annual sales are projected to approach or exceed 1 million units, potentially entering the top 10 in passenger car sales in China. Compared to major new brands such as Li Auto, Xpeng, Nio, and Zeekr, which sold around 30,000 units in May, Leapmotor's growth is particularly striking.

Leapmotor's rapid growth reflects a shift in mainstream demand in the electric vehicle market from early adopters to general households seeking to replace existing internal combustion engine vehicles. As fuel cost burdens persist, consumers with budgets ranging from 100,000 to 200,000 yuan (approximately 19 million to 38 million won) are turning to electric vehicles that offer excellent cost-performance and spaciousness. Leapmotor has effectively captured market demand by concentrating its core lineup in this price segment. The entry-level model A10, launched in March, sold 23,000 units in May alone, successfully targeting first-car demand in small and medium-sized cities and towns.

According to Chinese insurance registration data, Leapmotor is primarily focused on family car buyers. Of the total 125,000 units registered from January to April this year, the C10 accounted for approximately 30,000 units, while family SUV models such as the B01, C11, B10, and C16 consistently supported performance. The entry-level A10 was mainly chosen by young families with children, whereas the flagship SUV D19, launched in April, attracted a top-tier buyer segment, with 30% of purchasers previously owning premium vehicles from Germany's Big Three: Mercedes-Benz, BMW, and Audi. Leapmotor's sales are driven almost entirely by retail sales to individual consumers, with very low reliance on commercial taxis or ride-hailing services that depend heavily on subsidies.

This momentum continues in overseas markets. Cumulative exports from January to April reached 64,000 units, with 22,000 units—30% of total sales—shipped abroad in April alone. In Europe, Leapmotor's largest overseas market, the compact electric vehicle T03 was primarily sold in Italy and Belgium. In Southeast Asia and Latin America, the company highlighted the cost-effective T03 and the extended-range electric vehicle (EREV) model C10, tailored to regional characteristics. Through its joint venture, Leapmotor International, with global automaker Stellantis, Leapmotor has significantly reduced initial overseas entry costs and shortened the time required to establish after-sales service networks by leveraging Stellantis' dealer network.

Meanwhile, Stellantis Korea, the Korean subsidiary of Stellantis which holds global distribution rights for Leapmotor, is currently exploring the possibility of introducing the brand in Korea through various channels but maintains a cautious stance regarding the actual launch timing. Stellantis Korea has been gauging the market to assess competitiveness in the domestic imported car market and dealer responses, but this year it plans to prioritize the restructuring of its existing Peugeot lineup and the recovery of sales volumes. Consequently, the official introduction of Leapmotor in Korea is expected to be finalized after further analysis of market conditions and related factors.

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*This content was translated by AI.