经济观察网 2026年2月21日，零跑汽车发布了定位30万元级别的D系列旗舰车型，首款SUV D19计划于4 月上市，MPV D99计划年内上市。该系列试图通过高性价比切入高端市场，但面临问界、理想等对手 的竞争挑战。同日，智通财经报道指出，零跑汽车2025年逆袭成为新势力销量冠军，全年交付近60万 辆，但2026年1月交付3.2万辆，虽未守住单月销冠，仍超过"蔚小理"。 高管变动2026年2月20日，零跑汽车有限公司发生工商变更，注册资本从47.08亿元增加至55.58亿元（增 幅18%），同时经理职务由张光银变更为曹力，朱江明职务从执行董事调整为董事。 近期事件2026年2月17日，零跑B10在澳大利亚上市，起售价约18.5万元人民币，由零跑与Stellantis联合 开发，被标榜为"最具欧洲风格"的中国SUV，助力海外扩张。 股票近期走势截至2026年2月23日，零跑汽车(09863.HK)股价报44.88港元，当日上涨2.65%，较2月20日 收盘价43.72港元累计上涨2.14%。近5日股价波动幅度为3.98%，最高触及45.66港元（2月23日），最低 下探43.00港元（2月20日）。技术面显示 ...

Core Viewpoint - The strategic partnership between China First Automobile Group and Leap Motor marks a significant shift in the Chinese electric vehicle industry from "wild growth" to "deep integration" [3] Group 1: Investment and Strategic Cooperation - China First Automobile Group signed an investment and strategic cooperation agreement with Leap Motor, where FAW will invest 3.744 billion RMB to acquire 5% of Leap Motor's shares at 50.03 RMB per share [3] - The collaboration is not merely a financial investment but a signal of the evolving dynamics in the Chinese electric vehicle sector [3] Group 2: Complementary Strengths - FAW, with 67 years of automotive experience, offers a robust supply chain, manufacturing capabilities, and extensive distribution networks, which are difficult for new entrants to replicate [5] - Leap Motor, established in 2015, has developed a comprehensive technology system and is expected to deliver nearly 600,000 vehicles by 2025, positioning itself as a leader among new automotive players [5] Group 3: Governance and Stability - Leap Motor's CEO emphasized that the investment agreement ensures the founding team's control, addressing concerns about potential loss of independence due to the involvement of a major shareholder [6] - The partnership aims to enhance stability and risk resilience for Leap Motor while maintaining its operational agility [6] Group 4: Future Development Path - The collaboration will focus on joint development of plug-in hybrid and range-extended powertrains, integrating Leap Motor's technology with FAW's manufacturing expertise [8] - Leap Motor is transitioning from merely producing its own vehicles to becoming a technology solution provider for the automotive industry [8] Group 5: Product and Market Expansion - Leap Motor is accelerating its product lineup, including the launch of new high-end models and expanding into luxury markets, with plans for a comprehensive range by 2026 [9] - The partnership will also target advancements in next-generation electric architectures, high-voltage charging platforms, and advanced driving systems [9] Group 6: Globalization Strategy - Leap Motor's collaboration with FAW and Stellantis aims to create a unique global strategy, leveraging FAW's resources in the Belt and Road markets and Stellantis's presence in mature markets [10] - The partnership will facilitate flexible production capabilities and shared manufacturing resources, enhancing Leap Motor's ability to meet growing market demands [10]

Core Insights - The article highlights the journey of Leap Motor, which has evolved from being labeled as an "outsider" in the automotive industry to becoming a leading player among China's new energy vehicle manufacturers over the past decade [2][30]. Group 1: Company Growth and Achievements - Leap Motor has delivered over 1.2 million vehicles to date, with an expected sales volume of nearly 600,000 units in 2025, maintaining its position as the top new energy vehicle brand in China [5][32]. - The company has achieved consecutive quarterly profits, indicating a positive operational trajectory [5][32]. - Leap Motor's founder, Zhu Jiangming, emphasized that the company has "found the feeling of car manufacturing" after ten years of experience [5][32]. Group 2: Research and Development - Leap Motor's defining characteristic is its commitment to "full self-research," with 65% of the vehicle's cost attributed to self-developed components [8][35]. - The company maintains a high proportion of R&D personnel, with 80% currently involved in research, reflecting its focus on technological innovation [35]. - Leap Motor has developed several proprietary technologies, including the first automotive-grade intelligent driving chip and integrated battery chassis technology [9][35]. Group 3: Market Strategy - The company aims to make advanced technology accessible to a broader audience, offering high-end features at competitive prices [10][36]. - Leap Motor's product lineup includes four major series, covering a wide range of vehicle classes and power options, which has resonated well with consumers [12][38]. - The company has successfully penetrated the market under 300,000 yuan, with its C series achieving significant sales [12][38]. Group 4: International Expansion - Leap Motor is projected to sell 60,000 units overseas in 2025, positioning itself as a leader in international sales among new energy vehicle brands [13][39]. - The strategic partnership with Stellantis has facilitated rapid international market entry, leveraging Stellantis' global distribution and service networks [15][41]. - The company has established a presence in 35 countries and regions, with over 800 sales and service outlets, primarily in Europe [15][41]. Group 5: Future Goals - Leap Motor aims to become a world-class automotive company with an annual sales target of 4 million vehicles, setting 2026 as the year to achieve 1 million units sold [21][47]. - The company plans to focus on five key areas: technological innovation, product innovation, ecosystem building, industrial clustering, and marketing management [21][47]. - Leap Motor intends to hold annual technology days to showcase its innovations and continue expanding its product lines [23][49].