8.98万元起，顶配11.98万，这是零跑上个月发布的新车B01的售价。 这个数字一出，人们再次想起了零跑最为知名的那个外号： 半价小理想。 零跑好像也不介意被别人这么称呼，创始人朱江明甚至亲自给B01起了个新外号：半价Model3。 半价，似乎成为了这家车企最为人所知的标签。哪怕当下新能源价格战打到六亲不认，零跑依旧是新势力车企里最便宜最亲民的那个。 新车即将上市，时间公布了，预售也搞了两轮了，氛围都烘托得差不多了，问题来了： 这个品牌，曾经和哪吒，威马并列新势力「第二梯队」，只能在蔚小理的光芒下猥琐发育。 如今两位难兄难弟都各自暴雷，唯有零跑，在一片腥风血雨中活了下来，还成了新势力销冠，更魔幻的是，去年四季度，它第一次实现了盈 利。 为什么一家以「半价」为卖点的车企还能赚到钱？是其他品牌的价格战打得不够狠，还是零跑真的掌握了什么核心科技？ 这期我们聊聊「半价之王」零跑是如何炼成的。 01 抽象之王 在成为「半价之王」前，零跑的Title可能是车圈抽象之王。 不是贾跃亭那种下周回国敬请期待的抽象，也不是李斌那种老子有钱变着花样烧的抽象，零跑的抽象中，带着一丝天真懵懂，带着一丝纯良无 害。 故事从2018年讲 ...

Core Viewpoint - The article discusses the transformation of the automotive industry, particularly the rise of electric vehicles (EVs) and the success story of Leap Motor, highlighting its journey from near failure to becoming a leading player in the new energy vehicle market in China [9][12][92]. Group 1: Historical Context - The automotive industry has evolved from being dominated by internal combustion engine vehicles to embracing electric vehicles, with a significant shift occurring in recent years [8][9]. - The first electric vehicle was invented in 1834, but it was not until the mid-20th century that the automotive industry saw substantial growth, driven by the oil industry [3][5][6]. - By 2024, the penetration rate of new energy vehicles in China surpassed 50%, marking a historic shift in consumer preferences [9]. Group 2: Leap Motor's Journey - Leap Motor was established in 2015 and faced significant challenges, including poor initial sales and funding issues, particularly during the 2020 industry downturn [20][25][26]. - The company focused on developing competitive products, particularly the C11 model, which was designed to offer luxury features at a mid-range price [29][33]. - The C11 model has achieved cumulative sales of over 250,000 units, becoming a standout product in the rapidly evolving EV market [35][48]. Group 3: Technological Innovation - Leap Motor emphasizes a "full self-research" strategy, with 65% of its components developed in-house, allowing for better cost control and product quality [64][66]. - The company has made significant advancements in its technology architecture, with the LEAP 3.5 system integrating various high-end features while maintaining affordability [70]. Group 4: User-Centric Design - Leap Motor has adopted a user co-creation approach, allowing customers to influence product design, which has strengthened brand loyalty and customer satisfaction [73][82]. - The company has focused on practical design elements that enhance user experience, such as hidden tissue boxes and dedicated storage for personal items [51][56][57]. Group 5: Global Expansion - Leap Motor aims to expand its presence internationally, with plans to establish local manufacturing in regions like Southeast Asia and Europe [89][92]. - The company has already achieved significant export success, with over 17,200 units sold abroad in the first half of 2025, positioning itself as a leader among Chinese new energy vehicle manufacturers [89]. Group 6: Future Outlook - Leap Motor's journey reflects the broader trends in the Chinese automotive industry, showcasing the potential for growth and innovation in the electric vehicle sector [94][95]. - The company is well-prepared for the next decade, focusing on technological advancements and user needs to maintain its competitive edge [100].

Core Viewpoint - Leap Motor aims to achieve annual sales of 500,000 units by launching three models in the B series by 2025, targeting the competitive 100,000 yuan electric vehicle market [2][6]. Group 1: Product Launch and Market Strategy - The first model of the B series, Leap Motor B01, was officially launched on July 24, with a starting price of 89,800 yuan, positioning it as a high-quality smart car for young consumers [2]. - The B series will include three models: B01, B10, and B05, all likely to target the 100,000 yuan market segment, which is crucial for testing automakers' cost control capabilities [2][6]. - Leap Motor's strategy includes leveraging its "full-domain self-research" advantage to maintain competitive pricing while offering high specifications [2]. Group 2: Technical Specifications and Performance - The B01 features advanced technology, including Qualcomm Snapdragon 8295P and 8650 chips, enabling comprehensive intelligent driving capabilities [3]. - The vehicle's chassis is co-developed with Stellantis, featuring a 50:50 weight distribution for improved stability and handling, with a minimum turning radius of 5.25 meters [4]. - The B01 offers two motor options (132kW and 160kW) and battery capacities (56.2kWh and 67.1kWh), with a CLTC range of 430km to 650km, and fast charging capabilities [6]. Group 3: Financial Performance and Future Outlook - Leap Motor achieved over 220,000 vehicle deliveries in the first half of 2025 and reported a revenue of 32.16 billion yuan in 2024, marking a 92% year-on-year growth [6]. - The company anticipates launching five to six new models in 2026, including new A series vehicles and a flagship model, aiming for significant sales growth [6]. - The CEO expressed a commitment to achieving the 500,000 sales target for this year and aims to become a world-class electric vehicle manufacturer with a long-term goal of 4 million units [6].

Core Viewpoint - Leap Motor is targeting the 100,000 yuan intelligent sedan market with its new B01 model, which is priced at 89,800 yuan, aiming to capture a significant share of this growing segment [2][3][4]. Market Opportunity - The automotive market is experiencing a shift in consumer behavior, with a 51% increase in sales of vehicles priced below 100,000 yuan in the first five months of this year, while sales of vehicles over 300,000 yuan have declined [3][4]. - Analysts predict that sales of vehicles under 100,000 yuan could exceed 6 million units this year, accounting for over 25% of total passenger vehicle sales [3]. Product Features - The B01 is designed to appeal to young consumers' desire for a comprehensive vehicle experience, combining aesthetics, performance, and advanced technology [4][5]. - The B01 features a sleek design, high-quality interior, and advanced technology, including a Qualcomm SA8295P chip and laser radar for enhanced driving capabilities [5][6]. Competitive Landscape - The B01 enters a competitive market with players like Xiaopeng's MONA and BYD's Seal, which have established strong sales figures [8]. - Leap Motor aims to differentiate itself by offering a high level of technology and design at a lower price point, positioning the B01 as a "half-price Model 3" [5][21]. Sales Strategy and Goals - Leap Motor has set an ambitious sales target of 500,000 units for the year, with a long-term goal of reaching 4 million units annually [11][18]. - The company plans to launch multiple models across different series in the coming years to maintain momentum and market presence [11][18]. Production and Profitability - Leap Motor emphasizes its self-research capabilities to maintain competitive pricing while ensuring profitability, with a focus on increasing gross margins [9][16]. - The company acknowledges the challenges of maintaining profitability in the sub-100,000 yuan market but believes its integrated development approach will provide a competitive edge [9][16].

Group 1 - The core viewpoint of the article highlights Leap Motor's significant growth and its entry into the Fortune China 500 list, marking a transition in its growth model and reflecting its resilience in the post-subsidy era of the electric vehicle industry [2][4]. - Leap Motor achieved a revenue of 32.16 billion yuan in 2024, ranking 423rd on the Fortune China 500 list, with a year-on-year revenue growth of 92% and nearly 300,000 global deliveries [2][4]. - The company has expanded its delivery volume to over 220,000 units in the first half of 2025, maintaining a leading position among new energy vehicle manufacturers, driven by improved product efficiency and rapid entry into international markets [2][4]. Group 2 - Leap Motor has transitioned from a C platform to a B platform, establishing a series of models that cover mainstream SUVs and sedans, with the B10 model achieving over 10,000 monthly sales within two months of its launch [3]. - The company's growth reflects a structural change in the new energy vehicle sector, moving from a focus on storytelling to scaling operations, with a strategy of gradual product updates based on internalized technology [4]. - The timing of Leap Motor's entry into the Fortune 500 is crucial, as the Chinese new energy industry faces integration challenges and increasing pressure to expand internationally, making a controllable R&D system and stable supply chain essential for long-term value [4][5].

Core Viewpoint - Leap Motor has evolved from a low-profile newcomer to a more assertive player in the electric vehicle market, showcasing significant technological upgrades in its new C11 model while maintaining a focus on cost-effectiveness and self-research capabilities [2][3][4] Group 1: Product Development and Technology - The new C11 model features substantial technological upgrades, including an 800V high-voltage platform, silicon carbide electric drive, 640 km range, AR-HUD, LEAP 3.5 architecture, and advanced laser radar for high-level intelligent driving, all starting at a price of 149,800 yuan [2][3] - Leap Motor emphasizes a cost-effective approach, with 65% of its costs derived from self-research, allowing it to offer competitive pricing without compromising on features [6][7] - The company has adopted a "cost pricing model" for product upgrades, ensuring that the new C11 offers enhanced features at a price point similar to its predecessor [7][10] Group 2: Company Growth and Market Position - Leap Motor's sales reached approximately 140,000 units in 2024, with a significant increase to 220,000 units in the first half of 2025, marking a year-on-year growth of over 145% [11][12] - The company is transitioning from survival mode to a growth phase, focusing on increasing sales and market share while maintaining a cautious approach to expansion [12][14] - Leap Motor plans to expand its product lineup with new models (A, B, C, D series) set to launch between late 2025 and 2026, aiming for steady growth across all offerings [14][15] Group 3: Brand and Market Strategy - Leap Motor is shifting from a purely technical narrative to a more story-driven approach, recognizing the importance of brand communication in addition to product quality [19] - The company is optimizing its distribution strategy by reducing less effective sales channels and focusing on enhancing the customer experience through urban 4S stores [14][15] - Leap Motor's international expansion is beginning to take shape, with over 20,000 units exported in the first half of 2025, indicating the emergence of a second growth engine [15][16]

Core Viewpoint - The article discusses the gradual success of Leap Motor, contrasting its slow growth and development with the fast-paced nature of the tech industry, emphasizing a steady and persistent approach to building the brand and its products [4][7][19]. Group 1: Company Development - Leap Motor was founded in 2015 by Zhu Jiangming, who was 48 years old at the time, and took seven years to reach the Hong Kong Stock Exchange [7]. - The company has achieved significant sales milestones, becoming the top-selling new force brand in China for the first half of 2023, with a total of 48,006 vehicles delivered in June, representing a 138% year-on-year increase [8][12]. - Leap Motor's approach is likened to that of a tortoise in the fable of the tortoise and the hare, focusing on steady progress rather than aggressive competition [7][18]. Group 2: Product Significance - The C11 model is highlighted as a crucial product for Leap Motor, akin to the Model Y for Tesla, serving as a strategic vehicle that has helped establish the brand's reputation and sales [9][12][13]. - As of June 2025, the C11 has delivered over 250,000 units, making it a cornerstone of Leap Motor's product lineup [12]. - The C11's sales trajectory has shown a significant increase, moving from 3,388 pre-orders at launch to monthly sales exceeding 10,000 units [13]. Group 3: Market Position and Future Goals - Leap Motor's current market position is seen as a temporary victory, with the company acknowledging the need to maintain and build upon its success to avoid becoming another short-lived brand in the competitive landscape [8][15]. - The company aims to achieve a sales target of over 500,000 units in the current year, nearly doubling last year's figures, with the new C11 model playing a key role in this strategy [18]. - Zhu Jiangming emphasizes the importance of increasing sales and profitability to secure Leap Motor's place as a recognized automotive brand, similar to established players in the fuel vehicle era [18].

Core Viewpoint - The article discusses the significant transformation and growth of Leap Motor, particularly highlighting the launch of the new C11 model, which is seen as a key to the company's success in the competitive electric vehicle market [3][4]. Group 1: Company Transformation - Leap Motor has evolved from a struggling newcomer to a leading player in the new energy vehicle sector, achieving remarkable sales growth and market presence [3][4]. - The founder, Zhu Jiangming, has shown increased confidence and stability compared to his earlier appearances, reflecting the company's maturation [3][4]. - Leap Motor's stock price has risen from under 30 HKD at the beginning of the year to around 60 HKD, indicating strong market performance [3]. Group 2: C11 Model Significance - The C11 is Leap Motor's first mainstream vehicle, marking a pivotal moment in the brand's development, with a focus on "extreme cost performance" [6][8]. - The C11 has achieved impressive sales figures, with monthly sales projected to exceed 10,000 units by October 2024, following a trajectory of 1,000 units in 2021, 4,000 in 2022, and 7,000 in 2023 [6][8]. - The new C11 model features over 110 upgrades across various dimensions, maintaining a competitive price range of 149,800 to 165,800 CNY [6][8]. Group 3: Pricing Strategy - Leap Motor employs a cost-based pricing strategy, ensuring maximum value for consumers by anchoring prices to research and manufacturing costs [8][9]. - The pricing logic allows for significant value differentiation between high and low configurations, with the company prioritizing consumer value over pushing high-end models [9][10]. - This approach contrasts with competitors who often pursue high-end models first before expanding to lower price segments [10][11]. Group 4: Market Position and Challenges - Despite achieving sales leadership among new energy vehicle brands, Zhu Jiangming remains cautious, emphasizing the need for sustainable competitive advantages beyond just sales figures [13][14]. - Leap Motor faces challenges in converting sales into sustainable profitability, with a reported loss of 150 million CNY in Q1 2025 despite achieving breakeven in Q4 2024 [15]. - The company aims to build a resilient supply chain and channel ecosystem to support long-term growth and value leadership [15]. Group 5: Future Outlook - Leap Motor has set an ambitious target of selling one million vehicles annually within the next three years, with a strong belief in achieving profitability [18][19]. - The company has plans to launch additional product series (A, B, C, D) to expand its market presence, with confidence in the success of upcoming models [19].

Core Insights - Leap Motor is becoming a preferred choice in the rational consumption era due to its precise positioning and exceptional price-performance ratio [1] Group 1: Sales Performance - In June 2023, Leap Motor delivered 48,006 vehicles, a year-on-year increase of over 138%, with cumulative deliveries exceeding 220,000 units in the first half of the year [1][5] - Leap Motor has maintained over 40,000 monthly deliveries for three consecutive months and has ranked first in the new force sales chart for four months [1][5] - As of June 18, 2023, Leap Motor's cumulative deliveries surpassed 800,000 units, positioning it to potentially become the second new force company to enter the "million club" [5] Group 2: Future Growth Potential - Northeast Securities reports that the upcoming B series models and next year's D and A series models will continuously drive Leap Motor's sales to new heights [4] - According to Credit Lyonnais, Leap Motor is expected to be a major contributor to market share growth in China by 2025, driven by new model launches and upgrades [4] Group 3: International Expansion - Leap Motor has established a global strategic partnership with Stellantis, with an investment of approximately €1.5 billion, marking a significant collaboration between a Chinese new force automaker and a multinational giant [6] - From January to May 2023, Leap Motor ranked first in cumulative export sales among Chinese new force brands, with over 17,200 units sold [6] Group 4: Product Strategy - The Leap Motor C16, a six-seat SUV priced between 150,000 and 200,000 yuan, has become a top choice in its segment, achieving a 70% market share in the under 200,000 yuan category [9][10] - The B10 model, targeting the 100,000 to 150,000 yuan segment, features advanced technology and competitive pricing, enhancing Leap Motor's appeal to a broader consumer base [10] Group 5: Competitive Advantage - Leap Motor's self-research and development capabilities account for over 65% of the vehicle's cost, with an 85% shared component rate within the same series, showcasing its strong cost control and profitability potential [10]

Core Insights - Leap Motor is becoming a preferred choice in the rational consumption era due to its precise positioning and exceptional price-performance ratio [1] - The company achieved a remarkable delivery of 48,006 units in June, marking a year-on-year increase of over 138%, with total deliveries exceeding 220,000 units in the first half of the year [1][9] - Leap Motor has maintained the top position in the new energy vehicle sales rankings for four consecutive months [1][9] Sales Performance - Leap Motor's cumulative deliveries reached 221,664 units in the first half of the year, leading the new energy vehicle sector [9][10] - The company is on track to become the second new energy vehicle brand to enter the "million club" with over 800,000 cumulative deliveries as of June 18 [9] Market Expansion - The introduction of new models, including the B series and the upcoming D and A series, is expected to drive sales growth [5] - Leap Motor's partnership with Stellantis, involving an investment of approximately €1.5 billion, marks a significant collaboration in the industry [13] - The company has achieved the highest cumulative export sales among new energy brands in China, with over 17,200 units exported in the first five months of the year [13] Product Development - The launch of the 2026 model C16 and the upcoming B01 electric sedan are expected to further boost delivery volumes [13] - The C16 has become a best-seller in the 15-20 million yuan SUV segment, capturing a 70% market share in its category [16] - Leap Motor's B10 model targets the 10-15 million yuan market, enhancing its competitiveness with advanced technology at a lower price point [17] Competitive Advantage - Leap Motor's self-research and development capabilities account for over 65% of vehicle costs, contributing to improved profitability [17] - The company emphasizes the importance of solid technical accumulation and creating real value for users as the foundation for its growth [17]