Leapmotor's 2 Millionth Car Nears as October Hits Record 106,127

Leapmotor delivered a record 106,127 vehicles globally in October — its fourth consecutive month above 100,000 units — and says its 2 millionth vehicle should roll off the line in November.

The Chinese EV maker, listed on the Hong Kong exchange (HKEX: 9863), released the figures on Sunday. October deliveries rose 50.99% year-on-year and just 0.45% month-on-month, according to data compiled by CnEVPost. Both rates cooled from September, when growth ran at 58.51% and 2.45% respectively.

The takeaway: still growing fast, but the pedal is easing, not flooring.

Can Leapmotor hit its 1 million target?

Deliveries for the first 10 months reached 772,666 vehicles, up 65.88% year-on-year. That's 77.27% of the company's previously announced annual target of 1 million.

The arithmetic is unforgiving. To close the gap, Leapmotor needs another 227,334 vehicles in November and December combined — an average of 113,667 per month, above October's record level.

Cumulative global deliveries passed 1.9 million by the end of October, so the 2 millionth unit arriving in November is less a stretch goal than a countdown. Think of it this way: the last 100,000 vehicles took roughly one month, at the current pace.

Where is the growth coming from?

Overseas expansion is doing real work. Leapmotor said mass production of the B10 officially began at its Zaragoza plant in Spain in October.

The company now runs two plants in Spain:

• Zaragoza — vehicle production
• Mallén — battery module assembly and related key processes

Leapmotor also showed its full lineup at the Paris Motor Show in October, with the A05 and the flagship D19 SUV making their European debuts.

In Southeast Asia, the company launched the A10 battery-electric compact SUV in Thailand on October 30. The model, sold as the B03X in international markets, has reached 19 local showrooms. An updated C10 is planned for Thailand before the end of the year, alongside an expansion of the local sales and service network to 30 locations.

Back home, the A10s launched in China on October 18, refreshing the A10 lineup with updates to exterior styling, interior design and comfort features. The A10 accounted for about 23% of Leapmotor's September deliveries, per CnEVPost data.

One car line carrying nearly a quarter of volume is leverage — and exposure.

Who runs the overseas business?

The international push runs through Leapmotor International, the joint venture with Stellantis (NYSE: STLA). Stellantis holds 51% of the venture, which has exclusive rights to sell and manufacture Leapmotor products outside Greater China.

That structure means the Spanish plants and the Thai rollout are as much a Stellantis execution story as a Chinese one. Investors will want production data from Zaragoza before treating the European ramp as proven, not promised.

What to watch next: whether November deliveries clear the 113,667 monthly average needed for the million-unit year, and whether the 2 millionth vehicle — and the Zaragoza B10 line — hit their marks on schedule.