Chinese electric vehicle startup Leapmotor was officially listed in Hong Kong on September 29, with an opening price of HK$41 ($5.22) per share, 14% lower than its issue price of HK$48 ($6.11). With a market value of HK$38.249 billion ($4.87 billion), Leapmotor has now become the fourth EV maker to list in Hong Kong after XPeng, NIO and Li Auto.
In recent years, in order to broaden their financing channels, many Chinese EV startups have attained dual listing status. Unlike NIO, XPeng and Li Auto, which carried out primary listings in overseas markets, Leapmotor conducted its IPO in Hong Kong.
Before this IPO, Leapmotor completed six rounds of financing worth more than 11.5 billion yuan ($1.6 billion), and the company’s valuation before listing had reached 22 billion yuan. Its investors include Guosen Securities, CICC Capital, Sequoia Capital and so on. Among them, Sequoia Capital is not only the first investor of Leapmotor in addition to the original shareholders, but has also participated in two rounds of financing.
Leapmotor’s delivery volume has been impressive in the second half of this year. In July, it delivered 12,044 vehicles, with year-on-year growth of more than 177%, while the delivery volume in August reached 12,525 units, with a year-on-year growth of more than 180%. From January to August this year, its cumulative delivery was 76,600 units – basically the same as NIO, XPeng and Li Auto.
On September 28, Leapmotor launched a smart luxury electric car called the C01, with a price range of 193,800 yuan to 286,800 yuan ($26,925 – $39,846). The C01 is the world’s first mass-produced vehicle adapting cell-to-chassis (CTC) technology, which further simplifies the internal structure of the battery pack by integrating the battery cell directly into the chassis of the vehicle. Using this technology, the vehicle’s space efficiency can be increased by 14.5% and stiffness can be increased by 25%, with improved cruising range.
The body size of the C01 is 5,050/1,890/1503 mm, and the wheelbase is 2,930 mm. The new model adopts a streamlined body, bezel-less doors, hidden door handles and a high duck-tail design, effectively reducing wind resistance.
In terms of interior decoration, the center console area of the C01 follows the triple screen design of the C11. A coated panoramic sky curtain, a fully leather-wrapped inner door panel, and NAPPA leather seats are also provided. In terms of intelligent cockpit functions, the C01 is equipped with a Qualcomm SA 8155P chip, which supports linkages among three screens. Pioneer Face ID and OPPO’s smart car connection function bring about a more intelligent unlocking experience.
The standard C01 is equipped with the Leapmotor Pilot intelligent driving assistance system, which has 28 high-precision sensing hardware and 23 intelligent driving assistance functions. Users can subscribe to intelligent pilot assistance system later, which can cover daily commutes, high-speed long-distance driving, and parking lot scenarios.
In terms of power, the C01 offers a single motor version with a maximum power of 200kW and a maximum torque of 360 N・m, and a dual motor version with a maximum power of 400kW and a maximum torque of 720 N・m. The minimum acceleration time from 0 to 100 km/h for the dual motor version is 3.66 seconds, while the CLTC cruising range has four options, including 500 km, 606 km, 630 km and 717 km.