Leap Motor Completes S01 First Mass Production Vehicle
COVID-19 and China
S01. PHOTO Credit: Leap Motor

Leap Motor S01 has completed production of its first mass production model on June 6, 2019, it means that the company is ready for mass delivery.

The company announced the launch of its first smart electric coupe, the S01, at a press conference in Beijing in January 2019. The S01 comes in 2 endurance versions (has an NEDC range of more than 300km / 380km), 3 car paint colours and 3 interior decoration combinations. Its official price from CNY 189,900 (USD 27,482.7) to CNY 229,900 (USD 33,271.6) and the subsidized price is CNY 109,900 (USD 15,905) to CNY 149,900 (USD 21693.8)

Although subsidies for electric cars will be gradually reduced in China after 2019, the Leap Motor's 'guaranteed price' plan will last until June 25, 2019, meaning consumers will still be able to enjoy the subsidized price until then.

Leap Motor is a new car maker and founded in January 2017. The business scope of the company includes: R&D, design, production (operating with valid license) and sales of new energy vehicles and auto parts and accessories; Development and sales of computer software, electronic products and communication equipment (the above scope excludes electronic publications and satellite receiving equipment); Computer technology consulting, network equipment development and sales; Computer system integration; Import and export of goods and technologies (only for business projects permitted by national laws and regulations without prior approval), etc.

"Leap Motor is building its smart electric vehicle as an electronic product. After the S01, the first model of T platform will be launched in 2019, the second model of S platform will be launched in 2020, and C platform will launch a pure electric crossover SUV, which will be available to users in 2021." Said Zhu Jiangming (朱江明), founder and chairman of Leap Motor.

In 2019, Leap Motor plans to set up experience centres in at least 20 cities, while other regions will cooperate with high-quality new retail platforms to maximize user service coverage. Deliveries of the 380 LP S01 will begin in the second quarter of this year and the 460 will begin before the end of the year.

Leap Motor has raised USD 290 million for its series A funding round led by Shanghai Electric Group in November 2018. The Shanghai Electric Group is a Chinese multinational company that engages in power generation and electrical equipment manufacturing.

Other investors that joined in on its series A funding round are existing investors Sequoia Capital and Industrial Securities. Sequoia Capital had previously invested USD 62 million into the company earlier in January.

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