Leapmotor to Launch Plug-In Hybrid Models Overseas as Early as 2027

• Plug-in hybrid models could launch overseas as early as the first half of 2027, as Leapmotor increases investment in their development.
• Leapmotor's exports rose 327.79% in the first 8 months, while management previously set a 2027 overseas sales target of up to 400,000 vehicles.

Leapmotor (HKEX: 9863) plans to launch plug-in hybrid electric vehicle (PHEV) models overseas next year, as the Chinese EV maker seeks to broaden its lineup and attract more international buyers.

Leapmotor is stepping up investment in PHEV development to expand its product range, Cailian reported on Monday, citing a person familiar with the matter.

The models are scheduled to launch overseas as early as the first half of 2027, a move that would help the company expand its market share, the person said. The report did not identify specific models or initial markets.

Leapmotor's current lineup consists of battery electric vehicles (BEVs) and extended-range electric vehicles (EREVs).

The plan comes as Leapmotor accelerates its overseas expansion. At an earnings call in August, management forecast overseas sales of about 200,000 vehicles in 2026, above its previous target range of 100,000 to 150,000.

The company's management also set a 2027 overseas sales target of 350,000 to 400,000 vehicles, aiming for the upper end of that range.

Leapmotor exported 132,118 vehicles in the first 8 months of this year, up 327.79% year-on-year, according to data compiled by CnEVPost. August exports totaled 18,255 vehicles, up 209.20% year-on-year and 3.90% from July.

Leapmotor's overseas expansion relies on Leapmotor International, its joint venture with Stellantis NV (NYSE: STLA), which handles exports and sales outside China.

The company already uses extended-range models in some overseas markets to appeal to consumers with limited charging access. In August, Leapmotor entered Argentina with extended-range versions of its B10 and C10 SUVs (sport utility vehicles).

Leapmotor said at the time that extended-range technology could ease range anxiety and reduce reliance on charging infrastructure. The company is also using Stellantis' local dealership and after-sales network to expand its business.

Alongside its sales network expansion, Leapmotor is advancing localized production overseas. In July, it announced its entry into Indonesia, where it is carrying out knocked-down (KD) assembly through Indomobil Group.

Overseas growth is also supporting Leapmotor's push toward its full-year delivery target of 1,000,000 vehicles. Global deliveries reached a record 103,129 vehicles in August, exceeding 100,000 for the second consecutive month.

Leapmotor delivered 560,883 vehicles in the first 8 months, up 70.55% year-on-year, reaching about 56.1% of its annual target.