Leapmotor delivers record 81,569 vehicles in May, up 81% YoY

Leapmotor's record 81,569 May deliveries, up 81% from a year earlier, signal the Chinese EV maker's production capacity is scaling faster than many rivals as price cuts from BYD and Tesla intensify.

"May's record deliveries reflect strong demand across our product lineup," Leapmotor said in a stock exchange filing, without providing a breakdown by model.

The 81,569 units compare with roughly 45,000 in May 2025, marking the 81% jump. The company also announced the Lafa5 model will launch across 28 countries starting in June, while the C10, C11 and C16 SUVs are due for refreshes. Pre-sales for the D99, Leapmotor's flagship MPV, have also begun.

The delivery record comes as China's EV market enters a consolidation phase, with smaller players struggling to maintain volume. Leapmotor's ability to sustain triple-digit growth rates will determine whether it can secure the scale needed for profitability.

Leapmotor's May tally of 81,569 units puts it ahead of Nio, which delivered 20,544 vehicles in the same period, and Xpeng at roughly 10,000, though still trailing BYD's monthly volume of over 300,000 units. The company's 81% growth rate outpaces the broader Chinese EV market, which expanded about 35% year-over-year in May, according to China Passenger Car Association data.

The global expansion of the Lafa5 across 28 markets, combined with the refreshed C-series SUVs and the new D99 MPV, gives Leapmotor a broader product portfolio than many domestic peers. The company's partnership with Stellantis, which took a 21% stake in 2023, provides distribution access in Europe and other overseas markets.

Leapmotor shares rose 8.4% on the Hong Kong Stock Exchange on the delivery news, with short selling accounting for 21.3% of turnover. The stock trades at a discount to BYD on a price-to-sales basis, reflecting investor uncertainty about whether the company can maintain its growth trajectory while moving toward profitability. With the Lafa5 launch and model refreshes ahead, the second half of 2026 will test whether Leapmotor can convert volume growth into sustainable margins.

This article is for informational purposes only and does not constitute investment advice.