Today’s LEAPMOTOR Chairman Zhu Jiangming is quite busy, swiftly moving towards a series of joyful and significant events. He appeared very happy and excited at tonight’s LEAPMOTOR launch event.
First, LEAPMOTOR released its 2024 financial report in the afternoon. The report shows that although LEAPMOTOR’s adjusted net loss for 2024 was still 2.35 billion RMB, its net profit for the fourth quarter turned positive, reaching 80 million RMB. This signifies that LEAPMOTOR has followed LI in becoming the second new car manufacturer to achieve profitability.
Following that, LEAPMOTOR unveiled the latest LEAP 3.5 technology architecture and the first model of the B series, the B10.
Let’s take a look at the pre-sale price of the B10:
- 510 Comfort Intelligent Driving Version 109,800 RMB;
- 510 Enjoyment Intelligent Driving Version 119,800 RMB;
- 510 LiDAR Intelligent Driving Version 129,800 RMB;
- 600 Enjoyment Intelligent Driving Version 129,800 RMB;
- 600 LiDAR Intelligent Driving Version 139,800 RMB.
Additionally, during the pre-sale period, the B10 offers discounts such as a 99 RMB deposit offsetting 2,000 RMB from the final payment, and a 4,000 RMB subsidy for old customers buying or exchanging. According to the official plan, the B10 will be officially launched and delivered in April.
Notably, the LEAPMOTOR B10 version priced from 129,800 RMB comes equipped with LiDAR, making it the cheapest car with LiDAR you can currently buy. In the same price range, BYD’s second-generation Yuan PLUS Intelligent Driving Version uses the “Eye of God C” driving scheme, a more cost-effective visual solution.
From this point of view, although LEAPMOTOR does not have the scale and resource advantages compared to BYD, its bold and aggressive investment in intelligent driving is in no way inferior. And this is just the pre-sale; typically, there could be even bigger surprises waiting at the time of launch.
Further, from the content of the entire launch event, in the face of the current wave of democratized technology, the rapidly growing LEAPMOTOR is increasingly becoming a formidable force.
Over 50% of Orders Are for LiDAR Intelligent Driving Versions
After BYD played the “comprehensive intelligent driving” card, it was unexpected that, driven by the B10, models equipped with LiDAR would become even cheaper, starting from just 129,800 RMB.
According to official information, the B10’s LiDAR Intelligent Driving Version is equipped with Hesai’s ATX LiDAR, featuring a detection range of 300 meters and a wide-angle field of view of 140°. The chip used is the Qualcomm Snapdragon 8650 with a computing power of 200 TOPS, and the algorithm is the most mainstream end-to-end large model solution.In terms of capability, according to official information, the laser radar smart driving version of the B10 can achieve urban navigation, with future upgrades supporting parking-to-parking functionality, and it also has L3-level smart driving upgrade capability.
At the beginning of this year, LEAPMOTOR Chairman Zhu Jiangming shared in a social media post, stating, “No matter how frugal we are, we cannot cut back on smart driving investments.” As these words suggest, given the current configuration details, the B10 indeed holds a significant competitive advantage in the smart driving market for the 100,000 to 150,000 RMB range.
According to information disclosed during the group interview segment after the launch event, the laser radar smart driving version of the B10 is quite popular, with its order percentage already exceeding 50%. Meanwhile, LEAPMOTOR officials stated that by the end of the year, LEAPMOTOR will enter the top tier of smart driving.
As for the non-laser radar smart driving version of the B10, it neither includes laser radar nor the Qualcomm Snapdragon 8650 chip, but it does support L2-level intelligent driver assistance.
To find out how the B10 truly performs in smart driving, keep an eye on our review content.
The B10 also has notable features in its smart cockpit. The laser radar smart driving version is equipped with Qualcomm Snapdragon 8295 cockpit chips, while other versions feature Qualcomm Snapdragon 8155 chips.
The smart cockpit of the B10 also incorporates AI large models, including both the Tongyi Qianwen and DeepSeek models, offering improved performance in vehicle control, Q&A, and emotional interaction.
Notably, LEAPMOTOR introduced significant innovations in the cockpit design for the B10, offering greater possibilities for the co-driver. LEAPMOTOR designed six expansion holes in the co-driver’s area alongside a recessed rectangular slot in the middle, making for an impressive design innovation.
With these six expansion holes and the recessed slot, users can attach folding tables, storage boxes, phone holders, cup holders, hang sunglasses, or ornaments, allowing for a highly personalized solution to storage and interior decoration needs. This design can even provide a more comfortable space for addressing urgent work requirements.
Once the B10 is delivered, many owners might get creative, fully exploring the expansion potential of these six holes and the recessed slot.
Although this co-driver design is impressive, how will safety be ensured? After all, this is where an airbag needs to be deployed in extremely dangerous situations.According to the official information, LEAPMOTOR’s solution to this issue is to have the airbag deploy from the top of the passenger dashboard. After deployment, the airbag extends downward to provide safety protection for the passenger’s head.
In the passenger seat of the B10, LEAPMOTOR has indeed demonstrated its imaginative design capabilities, leaving significant room for user imagination. In other design aspects, the LEAPMOTOR B10 focuses more on a steady and reliable style.
The dimensions of the B10 are 4,515 mm in length, 1,885 mm in width, 1,655 mm in height, and a wheelbase of 2,735 mm, targeting young user groups.
The exterior design will not be elaborated upon; the B10 largely continues the design language of the LEAPMOTOR C10/16, with a strong “LI” flavor. However, in the 100,000 to 150,000 RMB market, LEAPMOTOR B10’s fashion sense remains unmatched.
Moving to the interior, besides the 6 expansion holes and grooves on the passenger side mentioned earlier, LEAPMOTOR has made some brand-new designs for the entire front cabin of the B10.
The B10 features an open-style floating island console, with two phone slots on top; underneath, there is a storage platform and two foldable cup holders.
Particularly noticeable is that the B10’s air conditioning vents adopt a consistent rounded rectangular shape, allowing for manual adjustment of wind direction, with simple ambient lighting to make the entire space appear lively and dynamic.
Regarding the steering wheel, the B10 still uses a dual-spoke steering wheel with roller-style buttons. The central control screen measures 14.6 inches, and the instrument screen is 8.8 inches.
In terms of driving control configuration, all B10 models feature a front MacPherson and rear multi-link suspension setup, jointly tuned by LEAPMOTOR and the Stellantis Group. Additionally, the B10’s 0-100 km/h acceleration is as fast as 6.8 seconds, with the lowest motor total power being 132 kW, and the rest being 160 kW.
Particularly noteworthy is the value brought by the B10, which is equipped with LEAPMOTOR’s pioneering LMC integrated motion fusion control technology. Its core advantage is ensuring safety during a tire burst at speeds up to 120 km/h.
Regarding this technology, Zhu Jiangming specifically mentioned at the launch event that this feature, recently discussed by “two industry leaders,” is now available in LEAPMOTOR’s 150,000 RMB vehicles, achieving “luxury equality.”
In the fiercely competitive automotive market, especially within the 100,000 to 150,000 RMB range dominated by traditional brands like BYD, LEAPMOTOR must exhibit sufficient courage and decisiveness to withstand competitive pressure and carve out a market share in the traditional brand stronghold.As a product under LEAPMOTOR aimed at establishing a strong presence in China while also venturing globally, the B10 is inherently tasked with undertaking significant challenges.
Judging from the B10’s performance, LEAPMOTOR is increasingly adept at defining a product, and B10 is well-prepared for its upcoming endeavors.
The Battle for the Next Technological Stage Begins
B10 is the first product of the LEAP 3.5 technical architecture, and to a considerable extent, B10’s technological prowess represents the capabilities of the LEAP 3.5 architecture.
According to official information, both the B and C series of LEAPMOTOR will soon integrate the LEAP 3.5 architecture. Therefore, from this perspective, the successful management of B10 is crucial for LEAPMOTOR as it embarks on the next technological stage.
The LEAP 3.5 architecture itself, as presented in the release, is indeed impressive.
Building upon the LEAP 3.0 architecture, the LEAP 3.5 architecture further improves integration, notably reducing the vehicle’s wiring length to 996 meters, which the company claims is the shortest globally. Additionally, the LEAP 3.5 architecture reduces 22 ECU controllers, promising better performance in terms of energy consumption, cost, and more.
In terms of intelligent driving, LEAPMOTOR will continue developing end-to-end autonomous driving based on the LEAP 3.5 architecture and will also promote the exploration of AI large models and ecosystem services in smart cockpits.
Furthermore, the LEAP 3.5 architecture will feature a 7-in-1 smart oil-cooled electric drive, responding five times faster than current systems; the 27-in-1 super thermal management system and scenario-based energy management will enhance the vehicle’s overall range by an additional 10%.
Notably, as a supplier, LEAPMOTOR has already seen considerable success. According to the official information, LEAPMOTOR’s self-developed three-electric technology has earned orders from 10 partner companies and has entered a strategic partnership with China FAW to jointly develop passenger vehicles.
Thus, it’s evident that LEAPMOTOR’s investment in technology is yielding significant returns. With the onset of the LEAP 3.5 architecture, whether as a mainstay manufacturer or a supplier, LEAPMOTOR’s growth rate is likely to accelerate.“`markdown
Final Thoughts
Today, LEAPMOTOR has become a formidable force in the automotive industry. If last year it emerged as a dark horse breaking through fierce competition, now, with strong technical foundations, initial scale advantages, and achieving quarterly profits, it stands as a seasoned contender skilled in both offense and defense.
As LEAPMOTOR continues to evolve stronger, market competition intensifies as well.
Since February, both domestic brands like CCAG, BYD, Geely, and joint ventures like Volkswagen, Toyota, and Nissan have been emphasizing “equal rights.” Behind this facade is a comprehensive competition on a higher dimension involving technological prowess, cost competency, and scale capabilities.
For LEAPMOTOR, the core market of these brands lies below 200,000 RMB, directly competing with its own. Yet, Zhu Jiangming remains optimistic, stating that BYD and CCAG have recently held events promoting autonomous driving, which aids its popularization, leaving LEAPMOTOR unfazed as a beneficiary.
Moreover, Zhu Jiangming believes that although LEAPMOTOR did not announce “autonomous driving for all” as early as CCAG and BYD, its actions are swifter, with product preparation leading the charge.
According to official plans, LEAPMOTOR’s product series A, B, C, and D, all will feature lidar, offering advanced autonomous driving capabilities.
Additionally, from a broader perspective, under collective industry efforts, low-priced models equipped with lidar are becoming increasingly prevalent. This technological democratization paints an exciting and alluring commercial and societal picture.
Earnings Call Highlights
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In 2025, the projected annual delivery volume is 500,000 – 600,000 units (including overseas), with an annual gross margin target of 10% – 11% and a net positive profit target. The improvement in gross margin for Q3 and Q4 results from a rise in overall sales, realizing economies of scale, and reducing fixed costs. There’s also a shift in model mix, with C10 and C16 deliveries increasing, boosting margins. Further cost improvements arise from a higher proportion of in-house developed products, reducing costs. These factors contribute to the gross margin improvements in Q3 and Q4. LEAPMOTOR targets the mass market, making in-house part production margins critical. Efforts are also underway to expand external sales of in-house components, combining self-consumption and leveraging scale to distribute costs.
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Concerning new models this year: This year’s launches include the unveiled B10, the midsize sedan B01, and the sportback sedan B05. The C10 and C16 face annual updates, and C11 will see a major mid-cycle refresh using the Leap 3.5 architecture. Currently, there are two factories in Jinhua, Zhejiang, and there are capacity enhancement plans to meet upcoming demand.
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Regarding new products above 200,000 RMB, LEAPMOTOR has platforms A, B, C, and D, with D being models above 200,000 RMB, gradually introducing them in the first half of next year while maintaining LEAPMOTOR’s signature style.
“`- Regarding the overseas market, the 2025 goal is to focus on brand, sales, and channels. The target for Europe is 450-500 channels (currently over 300), while other three regions have 200 channels (currently about 50). The overseas sales target is 50,000 – 60,000 units. As for LEAPMOTOR’s overseas profit goal, the company aims to break even. -
In the second half of this year, the B10 range extended and pure electric versions will be launched overseas. The range-extended model will be offered in South America and other regions. Overseas demand for range extension is strong due to slower development of new energy compared to China. The gross margin for range extension and pure electric overseas won’t differ much. From LEAPMOTOR’s perspective, localization exploration with the Stellantis group will be faster and of higher quality than competitors.
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Due to varying overseas product certification times, overseas sales see more T03 and fewer C10, though C10 sales have also risen from the end of last year to this year. With its focus on cost performance, C10 is popular locally.
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Currently, the industry is pushing for driving intelligence democratization; you can look forward to tonight’s press conference. In reality, LEAPMOTOR has been laying out plans over the past two years, with “competitors giving us a significant boost.”
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The overall direction of intelligent driving is product-centric. From LEAPMOTOR’s perspective, it’s about providing users with satisfactory, advanced, and better-experience products to enhance competitiveness.
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By 2025, the intelligent driving team will expand from the current 500 to over 600 personnel, and higher quality talent will be introduced. This year’s total investment in intelligent driving will exceed 800 million RMB. Cloud computing power is at 1.5 EFLOPS, combining self-owned and leased computing power.
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The B series has just launched, and adopting the Leap 3.5 architecture ensures very healthy gross margins. Leap 3.5 enhances profits and won’t affect overall company gross margins. Self-developed platformization and technology generalization also benefit gross margins.
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The gross margin rate in the first quarter of 2025 will see a slight adjustment compared to December, due to differences in monthly sales compared to December. While there is a 167% year-over-year growth, there is a month-to-month decline, which is an industry-wide trend.
This article is a translation by AI of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.