Chinese EV maker Leapmotor jumps into Hong Kong as ‘showcase' for global push
Chinese
electric vehicle (EV) maker Leapmotor opened its first retail store in Hong Kong on Wednesday, as founder and CEO Zhu Jiangming said the company's debut in the city would be a stepping stone to greater international success.
Advertisement
The new outlet, in the Cityplaza complex at Taikoo Shing on Hong Kong Island, is the company's 1,500th store globally. A second Hong Kong store was scheduled to open in December, the company said.
Hong Kong drivers will be able to check out right-hand drive editions of the company's C10 SUV and its compact, the T03, after Leapmotor unveils them on Thursday, with pricing to be announced at the launch.
While the city's annual car sales were relatively modest at around 40,000 to 50,000 vehicles, Zhu said the city would serve as a showcase for Leapmotor to reach global consumers and as a window for international investors to better understand the company.
Leapmotor had already expanded its footprint to Malaysia, Thailand and Indonesia, where the company's B10 compact SUV was slated to join the T03 and C10 later this year, said Cao Li, vice-president, on the sidelines of the Hong Kong store's opening ceremony.
Advertisement
Based in Hangzhou in China's eastern Zhejiang province, the carmaker operates more than 600 overseas sales and service outlets across Europe, the Middle East, Africa and Asia-Pacific. It would determine the sites for factories in both Europe and Southeast Asia by the end of the year, Zhu said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
2 days ago
- South China Morning Post
Chinese EV maker Leapmotor jumps into Hong Kong as ‘showcase' for global push
Chinese electric vehicle (EV) maker Leapmotor opened its first retail store in Hong Kong on Wednesday, as founder and CEO Zhu Jiangming said the company's debut in the city would be a stepping stone to greater international success. Advertisement The new outlet, in the Cityplaza complex at Taikoo Shing on Hong Kong Island, is the company's 1,500th store globally. A second Hong Kong store was scheduled to open in December, the company said. Hong Kong drivers will be able to check out right-hand drive editions of the company's C10 SUV and its compact, the T03, after Leapmotor unveils them on Thursday, with pricing to be announced at the launch. While the city's annual car sales were relatively modest at around 40,000 to 50,000 vehicles, Zhu said the city would serve as a showcase for Leapmotor to reach global consumers and as a window for international investors to better understand the company. Leapmotor had already expanded its footprint to Malaysia, Thailand and Indonesia, where the company's B10 compact SUV was slated to join the T03 and C10 later this year, said Cao Li, vice-president, on the sidelines of the Hong Kong store's opening ceremony. Advertisement Based in Hangzhou in China's eastern Zhejiang province, the carmaker operates more than 600 overseas sales and service outlets across Europe, the Middle East, Africa and Asia-Pacific. It would determine the sites for factories in both Europe and Southeast Asia by the end of the year, Zhu said.
South China Morning Post
2 days ago
- South China Morning Post
How China's EV titans can end the industry's forever price war
China's electric vehicle (EV) industry has achieved resounding success, marking a triumph for Chinese industrial policy and entrepreneurship. However, the sector now stands at a critical turning point. In May, BYD shocked markets by slashing prices on 22 of its models, bringing the entry-level price of its popular Seagull model down to just 55,800 yuan (US$7,700). Competitors rushed to match these cuts, fuelling an unsustainable race to the bottom. Last year, BYD reportedly told suppliers to slash prices by 10 per cent. China's Ministry of Industry and Information Technology has cautioned that such ruthless competition would undermine long-term innovation and safety standards. 'There are no winners in a price war, let alone a future,' a ministry spokesperson told state media, marking a rare and blunt public rebuke. The underlying issue is stark: China's EV market is oversaturated. According to Jato Dynamics, there are now 115 Chinese EV brands vying for market share. However, after last financial year's third quarter, 25 per cent of firms were in the red. Additionally, over 50 per cent of firms have less than 0.1 per cent market share.
South China Morning Post
3 days ago
- South China Morning Post
Chinese premier urges faster tech applications amid US export controls
Chinese Premier Li Qiang has called for a push to speed up the application of new advances in science and technology, as the country accelerates efforts to break its dependence on US tech and develop a world-leading industrial base. In a State Council meeting on Monday, Li called the application of new technologies the 'last mile' of innovation, as it links innovation and industry and is important in driving new products and services, state-run news agency Xinhua reported. The premier's comments come as China faces a fresh barrage of US export curbs aimed at restricting its access to a string of crucial technologies, including jet engines, chip design software and nuclear power plant components US officials have indicated they are willing to remove these latest restrictions if China allows more rare earth minerals to be exported to America, with top officials from both sides currently locked in a high-stakes round of trade talks in London. Kevin Hassett, director of the White House's National Economic Council, told CNBC that the US expected 'immediately after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume'. But the episode has highlighted the extent to which China still relies on US technology in several strategic fields, despite a concerted government push to boost investment in research and development and become technologically self-reliant At the State Council meeting, Li urged 'further pooling of innovation resources, pushing forward with institutional reforms, and strengthening the links between supply and demand' to deliver more concrete results in turning research into practical applications.
