Stellantis-backed Leapmotor has announced the latest phase in its global push by launching an electric midsize sedan that offers similar features to Tesla’s Model 3 at less than half the price.
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The Hangzhou-based electric vehicle (EV) builder said the B01, priced from 89,800 yuan (US$12,542) in mainland China, would target markets around the world as it pursued new growth engines amid cutthroat competition at home.
“We are offering our answer to customers’ demand for an exquisite, value-for-money mass market car,” Cao Li, Leapmotor’s senior vice-president, told a press conference in Hangzhou on Thursday. “We are confident that the new car has largely exceeded market expectations.”
Deliveries to mainland Chinese customers would begin this month, but the company did not say when the new car would be sold overseas.
Leapmotor developed the new model based on its upgraded architecture, known as Leap3.5, which supports smart driving and fast charging.
The five variants of the B01 have driving ranges from 430km to 650km, with the top-end model priced at 119,800 yuan. The batteries can offer about 300km of mileage with 18 minutes of charging.
Leapmotor eyes global market with smart EV at half the price of Tesla’s Model 3
