零跑告别“新势力”标签 冲刺2026年百万销量

Core Insights - Leap Motor is transitioning from a "new force" in car manufacturing to a global automotive enterprise, aiming for 1 million vehicle sales in 2026 and 4 million over the next decade [1][2] - The company has achieved significant milestones, including an expected sales volume of nearly 600,000 vehicles in 2025 and a cumulative delivery exceeding 1.2 million vehicles, alongside continuous quarterly profitability [2] R&D Strategy - Leap Motor has adhered to a comprehensive self-research strategy, with 70% of core technologies in the electric vehicle sector concentrated in emerging fields like electronics and control systems [2] - The company has established a robust R&D system covering key areas such as vehicle architecture, batteries, electric drives, cockpit systems, and assisted driving, with self-researched components accounting for 65% of vehicle costs [2] Shareholder Structure - In 2025, Leap Motor formed a strategic partnership with China FAW Group, which became a strategic shareholder, creating a stable "shareholder triangle" with existing stakeholders [3] - This partnership leverages FAW's manufacturing and policy resources alongside Leap Motor's core technology in new energy vehicles, ensuring the founding team's control and strategic continuity [3] Support System - To achieve the 1 million sales target, Leap Motor has developed a three-pronged support system encompassing products, supply chain, and channel services [4] - The company has launched the D series models based on its flagship D platform, targeting the high-end market with competitive pricing [4] Supply Chain Management - Leap Motor employs a standardized and multi-channel strategy for battery supply, having established stable partnerships with leading suppliers like CATL [4] - The company has prepared a battery stock with a redundancy of 1.2 to 1.3 times to meet the production capacity needs for 1 million vehicles [4] Channel and Service Upgrades - Leap Motor focuses on enhancing user experience through a defined luxury core, creating key touchpoints throughout the customer journey [5] - The company has adopted an innovative channel model that fosters a "partner" relationship with dealers, resulting in over 1,800 global channel outlets [5] Technological Investment - Leap Motor plans to increase investment in intelligent assisted driving technologies, aiming to upgrade all models with L3-level capabilities by 2026 [6] - The company recognizes the automotive industry's upcoming adjustment period but remains optimistic about the irreversible trend of electric vehicle adoption [6]