The First New Energy Automaker with Monthly Sales Exceeding 100,000 Units Has Emerged

Author | Zhou Zhiyu

Monthly sales of 100,000 units have rarely been used as a benchmark for new energy vehicle startups. This figure is more akin to an operational milestone for mainstream automakers.

On August 1, LEAPMOTOR became the first to cross this threshold. It delivered 101,267 vehicles in July, a year-on-year increase of 102%. Six years ago, LEAPMOTOR’s monthly deliveries stood at just 879 units.

These 100,000 units stem from an established product portfolio. The A10 model saw monthly sales approach 30,000 units, while the B01 and B10 models combined exceeded 20,000 units. The D19 also recorded over 10,000 deliveries in July. The A and B series drive volume in the mass-market price segment, while the D series aims for higher positioning. The average order price for the D99 after its launch exceeded RMB 300,000, and the next challenge is converting these orders into actual deliveries.

LEAPMOTOR’s current product lineup spans the RMB 60,000 to 300,000 price range. With this broader price coverage, factories, supply chains, and distribution channels can support more models, and the increased sales volume will impact the average selling price. In July, the A and B series became stable sources of volume; whether the D series can lift revenue per vehicle remains to be seen.

Another source of growth comes from overseas markets. In the first quarter of this year, LEAPMOTOR exported 40,901 vehicles, accounting for approximately 37% of its total sales during the period. Leveraging Stellantis’ distribution channels, LEAPMOTOR has expanded its sales reach beyond the domestic market. As exports continue to rise, costs related to certification, logistics, distribution, and after-sales service will factor into operational expenses, ultimately affecting revenue and profit per vehicle.

Last year, LEAPMOTOR successfully translated sales growth into financial improvement. In 2025, the company delivered 596,600 vehicles, a year-on-year increase of 103.1%; revenue grew synchronously by 101.3%, gross margin rose from 8.4% to 14.5%, it achieved a net profit of RMB 540 million, and net operating cash flow inflow reached RMB 12.62 billion. The annual report attributed the improvement in gross margin to cost management, optimization of product structure, and other business income. That year, sales and profits moved in the same direction.

In the first quarter of this year, the situation changed. Sales volume increased by 25.8% year-on-year to 110,200 units, but revenue grew only 8% to RMB 10.82 billion. Gross margin fell back to 9.4%, resulting in a net loss attributable to shareholders of RMB 390 million, and net operating cash flow outflow amounted to RMB 661 million. The company stated that changes in product mix lowered the average selling price, and a reduction in strategic cooperation business also affected gross margin. The turn to negative operating cash flow was also influenced by factors such as an increase in accounts payable due. The additional sales volume did not fully translate into additional revenue.

With the continuous increase in sales over recent months, the key question now is whether more orders can improve factory utilization rates and procurement bargaining power, offsetting the decline in average selling price and covering the costs associated with new models, channel expansion, and overseas investments.

The A and B series continue to drive volume, the D series attempts to raise selling prices, and overseas markets expand the sales footprint. Ultimately, these three components must converge on the same income statement.

In recent years, new energy vehicle startups have tended to build their narratives around high-priced models and technological labels. However, LEAPMOTOR, the first to cross the 100,000-unit mark, relies on broader price coverage and access to the larger mass market. This path brings new energy startups into the most familiar territory of the traditional automotive business: a diverse product lineup, low costs, capable distribution channels, and healthy capital turnover.

The first new energy automaker with monthly sales exceeding 100,000 units has emerged. What follows is the wait for the first startup capable of sustaining operations at this scale over the long term.

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