LeapMotor currently has three entry-level EVs on sale, with plans to roll out eight new models by 2025, moving towards middle- and high-end cars priced between Rmb150,000 and Rmb300,000. It filed a draft prospectus in March to list its shares on the Hong Kong stock exchange, announcing that sales climbed to Rmb3.1 billion ($488 million) last year, compared to Rmb631 million a year earlier. Net losses nearly tripled year-on-year to Rmb2.8 billion during the same period, however.

LeapMotor was created out of Zhejiang Dahua Technology, a manufacturer of surveillance and security systems, in 2015. It raised more than Rmb8.8 billion last year in financings led by CICC Capital and Hangzhou State Capital.

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