Chinese EV startup Leapmotor has overtaken Japanese automakers Subaru and Mitsubishi in global sales for the first time, according to a report from Gasgoo citing Nikkei data. In the second quarter (April-June), Leapmotor sold a record 240,000 vehicles, up 84% year-on-year, surpassing Subaru's 230,000 and Mitsubishi's 170,000, and closing in on Mazda's 300,000.
The milestone comes as most major automakers saw sales decline amid high oil prices and slowing global demand. Toyota led with 2.71 million units, down 4%, while Volkswagen followed with 2.07 million, down 9%. Leapmotor, founded in 2015, focuses on affordable BEVs (battery-electric vehicles) and PHEVs (plug-in hybrids), with in-house development of batteries, electric drive systems, and driver-assistance software.
European Expansion Drives Growth
Europe is a key growth driver, with overseas markets accounting for about 20% of Leapmotor's Q2 sales, up from 6% a year earlier, according to Mobility Global. Over 80% of those overseas sales came from Europe. In Italy, Leapmotor's EV sales surged 13-fold year-on-year from January to August, reaching 24,450 units, making it the country's top EV brand with a 27% market share, far ahead of Tesla's 9%, per an Italian automotive industry group. Its low-priced lineup, including the T03 starting at about 15,900 euros ($18,300), has been a key selling point.
Leapmotor is also expanding in Germany and France. Stellantis, Europe's fourth-largest automaker and an investor in Leapmotor, has transferred ownership of a Spanish plant to their joint venture, which will produce Leapmotor-branded EVs. Local production could further boost market share.
Japanese Automakers Struggle in Europe
Japanese brands are losing ground in Europe, with Nissan's Q2 sales down 15% and Mitsubishi's down about 40%. As high fuel prices and government incentives push consumers toward EVs, Japanese automakers have yet to offer competitive electric models. The International Energy Agency noted in a report that Chinese automakers' rapid expansion could significantly impact Japanese and European automakers that still rely heavily on gasoline and hybrid sales.
Leapmotor has set a sales target of 1 million vehicles for 2026, higher than Subaru's 940,000 and Mitsubishi's 857,000 forecasts for their fiscal years. In July, Leapmotor's monthly sales exceeded 100,000 for the first time.
