Leapmotor Completes Financing Round of 4.5 Billion Yuan Led by CICC

Leapmotor, which mainly develops, produces, and sells new energy vehicles, announced today that it had completed a new round of financing worth 4.5 billion yuan ($694 million).

This round of strategic investment is led by CICC Capital and was participated in by Hangzhou State-owned Assets, CITIC Construction Investment and CITIC Daika. Among those investors, the current round of investment by Hangzhou State-owned Assets totaled 3 billion yuan and the two parties will cooperate around the Leapmotor’s new energy vehicle project.

In addition to the Series B round of financing closed in January this year, the financing of Leapmotor this year has exceeded 8.8 billion yuan. According to the official report, financing can effectively enhance the company’s ability in cash reserve and channel cooperation, and accelerate its further expansion process in product R&D, channel layout and brand promotion.

Leapmotor was established in 2015 with its business scope covering a pure electric coupe, a mini electric car and a medium SUV. It has now three models on sale: S01, T03 and C11. At the end of 2020, company’s chairman, Zhu Jiangming, issued an internal letter saying that Leapmotor will be among the TOP 3 vehicle startup categories in 2023. But at the 2.0 Strategy Conference held in Jinhua, Zhejiang, he proposed that the company was dedicated to achieve the annual sales target of 800,000 vehicles by 2025.

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The company’s orders reached 6,540 vehicles in July, an increase of 59% from the previous month. That same month, 4,404 new orders were delivered, up 666% year-on-year. In 2021, the total order volume has amounted to 28,055 vehicles.