Group 1 - China FAW's investment in Leap Motor is nearing completion, with an expected initial stake of around 5%, indicating a significant step towards a strategic partnership [2] - Earlier rumors suggested a 10% stake, which was denied by China FAW, but recent developments have reignited interest in the potential collaboration [2] - Leap Motor has clarified that previous rumors of a full acquisition by China FAW were false, emphasizing the importance of the current investment discussions [2] Group 2 - Leap Motor reported impressive sales figures, achieving over 500,000 cumulative vehicle sales by 2025, ahead of its annual target, and aims to reach a new goal of one million units by 2026 [3] - In October, Leap Motor's delivery volume reached a record high of 70,289 units, representing a year-on-year increase of over 84%, with consistent month-on-month growth throughout the year [3] - The company has been actively enhancing user experience through OTA updates for multiple vehicle models, indicating a commitment to product improvement [3] Group 3 - Leap Motor's Q3 2025 financial report revealed a significant structural improvement in profitability, with revenues of 19.45 billion yuan, a year-on-year increase of 97.3% and a quarter-on-quarter increase of 36.7% [4] - The net profit attributable to shareholders reached 150 million yuan, marking a substantial turnaround from a loss of 690 million yuan in the same period of 2024 [4] - The gross margin improved to 14.5% in Q3 2025, up from 8.1% in Q3 2024 and 13.6% in Q2 2025, highlighting the company's strengths in supply chain management and production optimization [4]

Group 1 - The core point of the article is that Leap Motor has achieved significant sales milestones, surpassing 500,000 vehicles sold this year, ahead of its 2025 target [2] - In October, Leap Motor delivered a record 70,289 vehicles, marking a year-on-year increase of over 84%, while also rolling out OTA updates for multiple models [2] - For the first ten months of the year, Leap Motor's cumulative sales reached 469,800 vehicles, with a consistent month-on-month growth trend observed [2] Group 2 - Leap Motor reported a revenue of 24.25 billion yuan in the first half of the year, representing a substantial year-on-year growth of 174% [2] - The company's gross margin increased to 14.1%, a rise of 13 percentage points compared to the same period in 2024, achieving a record high since its establishment [2] - For the first time, Leap Motor achieved a net profit attributable to equity holders of 30 million yuan in the first half of the year, with an adjusted net profit of 330 million yuan, marking a turnaround from previous losses [2] Group 3 - In August, there were rumors about FAW Group planning to acquire approximately 10% of Leap Motor's shares to become a strategic shareholder, but the situation remains unresolved as Leap Motor denied the rumors [3] - Despite the uncertainty regarding capital cooperation, technical collaboration between traditional automakers and new energy vehicle companies continues to deepen [3]

Core Insights - Leap Motor achieved a record high delivery of 70,289 vehicles in October, marking an over 84% year-on-year growth, and this is the first time the company has surpassed 70,000 units [2][2][2] Product Developments - On October 19, Leap Motor unveiled its first model from the D platform, the Leap D19, which is positioned as a technology luxury flagship SUV, featuring the flagship D platform and is now available for early reservations [2][2] - The interior of the Leap Lafa5 was showcased on October 15, continuing the brand's youthful design ethos while enhancing quality across three dimensions: purity, elevation, and enjoyment [2][2] - Leap Motor collaborated with Luxun Academy of Fine Arts to host a salon titled "Everyone Can Have Their Own Lafa," exploring future automotive design and user self-expression [2][2] Software Updates - In October, multiple models underwent OTA upgrades, including the Leap B10, B01, 2024 C10/C16, and 2024 C11/C01, with the latest OTA updates announced [2][2] - The 2026 models C10 and C16 also received their first OTA update announcement on October 13 [2][2]

Core Viewpoint - Leap Motor officially announced the rollout of OTA updates for the 2024 models C11 and C01, expected to be completed by August 18, enhancing user experience with new features and optimizations [1] Group 1: OTA Update Details - The OTA update introduces seven major new features, including maps, off-board power supply mode, and split-screen functionality [1] - The update also optimizes over ten user experiences, including Bluetooth key, zero-motion space, and high-speed navigation assistance [1] Group 2: Off-board Power Supply Mode - The off-board power supply mode allows the vehicle to remain powered while the driver is outside, without locking the car [1] - The mode automatically exits when the battery level drops below 20% [1]