On May 15, LEAPMOTOR (09863) released its Q1 2026 financial results, reporting revenue of 10.82 billion yuan, setting a new historical high for a first quarter. During the period, the company delivered approximately 110,200 new vehicles globally, a year-on-year increase of 25.8%. Notably, overseas exports reached about 40,200 units, surging 442% year-on-year and accounting for 36% of total sales. The company ranked first among emerging automakers in both total deliveries and export volume.
In April 2026, LEAPMOTOR's sales continued to lead its peers, achieving a record monthly high of 71,387 deliveries, a 73.9% increase year-on-year. This figure was 109.4% higher than the second-place emerging automaker. From March 2025 to the present, the company has been the monthly sales champion among new players, except for January of this year when it ranked second, trailing only Xiaomi. Its lead over other emerging brands has widened month by month. In Q1, its market share in the new energy passenger vehicle market rose to 4.22%, solidifying its leading position.
The company's strategy focuses on creating hit models within a comprehensive A-to-D series product matrix. Its C-series and B-series models (C10/C11/C16/B10) became instant hits upon launch, consistently topping sales charts in the 150,000 to 200,000 yuan SUV segment. In March 2026, the A-series A10 model launched, securing over 40,000 pre-orders in its first month, setting a new brand record for order growth speed. In April, the D-series D19 model, positioned to rival million-yuan luxury cars, launched and garnered over 15,000 pre-orders within 15 days.
The core logic behind this hit model strategy is LEAPMOTOR's full-domain in-house R&D policy, supported by substantial R&D investment, aimed at creating high-value, affordable vehicles. This approach allows penetration from the 100,000-200,000 yuan price band into the 200,000-300,000 yuan band. Each model across price segments is fully equipped with the latest technology and proprietary R&D achievements, realizing "technological democratization."
Over the past three years (2023-2025), the company's R&D investment exceeded 9 billion yuan. Its self-developed central domain control architecture, three-electric systems, intelligent cockpit, and intelligent chassis have undergone rapid iteration and are featured in the latest models. In 2026, the company's C-series and B-series annual models will be fully equipped with city Navigation Guided Pilot (NGP) assistance. Models based on the LEAP 3.0 and LEAP 3.5 architectures will also be gradually upgraded. The LEAP 4.0 central domain control architecture debuted on the D19, pioneering integrated cabin-driving super synergy, achieving "one brain controlling all vehicle intelligence."
Leveraging its full-domain in-house R&D capabilities, LEAPMOTOR has achieved comprehensive ADAS coverage from the 100,000-yuan A10 to the flagship D19, making advanced driver assistance no longer a privilege for the few and transforming "technological democratization" from an industry slogan into reality.
In April 2026 alone, the company's sales volume reached 64.8% of its Q1 total. With two months remaining in Q2, which are traditionally peak demand seasons in the industry, sales are expected to climb even higher. The recent successful launches of the A10 and D19, combined with their high quality-to-price ratio, are poised to capture greater market share. Together with the mainstay B and C series, these models are expected to drive significant sales and performance growth for the company in Q2.
Furthermore, the overseas market is gradually becoming the company's second growth curve. In Q1 2026, its exports grew over fourfold. April's export volume reached 14,225 units, surpassing the total exports of the first four months of the previous year, cementing its unshakable lead among emerging automakers in this area.
Regionally, Europe has been the standout performer. For instance, across 12 EU countries in Q1, LEAPMOTOR's pure electric vehicle sales were approximately 17,000 units, ranking first among Chinese pure EV brands. In the Italian market, cumulative registrations in Q1 reached 11,637 units, capturing a 33.5% market share, meaning one out of every three pure electric cars sold was a LEAPMOTOR. In the German market, March sales hit 1,258 units, also securing the top spot among Chinese pure EV brands. Other European markets also experienced rapid growth.
The introduction of Stellantis as the single largest shareholder in 2023 was a masterstroke for LEAPMOTOR's internationalization, establishing its leadership position in overseas markets, particularly in Europe. As of March 2026, LEAPMOTOR International had established approximately 1,000 sales and after-sales service outlets across over 40 international markets in Europe, the Middle East, Africa, and Asia-Pacific, with over 850 in Europe alone. In May 2026, Stellantis announced an expansion of its strategic cooperation with LEAPMOTOR, with joint production to commence at their plant in Spain.
LEAPMOTOR has become a successful model for export strategy among domestic emerging automakers. On one hand, its deep cooperation with an international giant leverages the partner's brand and distribution network to rapidly capture international market share. On the other hand, it intensifies its in-house R&D efforts, gaining global consumer recognition with high-value, affordable models. While XPeng also partnered with Volkswagen in 2023, LEAPMOTOR's combination of deep collaboration and high-level self-development has yielded notably more successful results.
For the first four months of 2026, the company's export volume reached 54,400 units, averaging 13,600 units per month. Management expressed confidence in surpassing the original annual export target of 100,000 to 150,000 units with more impressive achievements. Based on the current monthly average, 2026 exports could reach 163,200 units, representing a year-on-year growth of 143.6%. The sustained high growth in overseas sales is set to become a core engine for performance growth.
In summary, LEAPMOTOR's Q1 sales continued to lead among emerging automakers, with performance maintaining high growth. Through its full-domain in-house R&D, the company's hit model strategy has kept its B and C series dominant in their price segments, while the A10 and D19 achieved instant success upon launch. April sales significantly outpaced the second-place emerging automaker, indicating high certainty for strong Q2 sales growth. The company's outstanding performance in overseas markets, where it holds the top export position among new players, has solidified its status as a second growth curve.
Backed by this strong fundamental performance, the company has garnered shareholder confidence. In April of this year, founder, Chairman, and CEO Zhu Jiangming and shareholder Fu Liquan increased their holdings in the company by approximately HK$230 million. The single largest shareholder group has now increased its holdings by nearly HK$1.2 billion cumulatively. As performance continues its high-growth trajectory and overseas markets unlock further growth potential, the company's valuation is poised for a re-rating.