The 10-Year Comeback: How Leapmotor Went from Near-Failure to a €1.5B Stellantis Deal

“Three years ago, people said Leapmotor wouldn’t last a year… Ten years have passed, and we are still here.”

These were the words of Leapmotor’s founder, Zhu Jiangming. He wasn’t exaggerating. A few years ago, Leapmotor was an industry underdog, struggling with a failed first car and a shaky IPO. Today, it’s a sales champion, backed by one of the world’s largest auto giants.

How did this dramatic turnaround happen? Let’s trace the 10-year rollercoaster journey of Leapmotor, from its rocky start to its game-changing alliance with Stellantis.

Part 1: The 10-Year Rollercoaster – The Shadows of Success

In 2015, when security tech entrepreneur Zhu Jiangming declared he would build cars, the market was skeptical. His belief in “full-stack self-development”—controlling both hardware and software—was seen as reckless. The initial results were grim: their first car, the S01, was a market failure, and the immense R&D costs led to a financial crisis, even after their 2022 IPO.

Facing oblivion, the company poured everything into one last bet: the C11 SUV. Built on a strategy of “delivering a 300,000-yuan experience for a 150,000-yuan price,” the C11 was a massive hit. The very R&D strategy that nearly bankrupted them paradoxically became their greatest weapon for cost control.

Part 2: The Three Shadows Cast by Success

However, the C11’s dazzling success cast three long shadows over the company:

1. The “Value Trap”: Being known as the “cheap and good” brand makes it difficult to move upmarket and build a premium identity.
2. The “One-Hit Wonder” Risk: The company’s revenue became dangerously dependent on the C11, a fragile foundation in a hyper-competitive market.
3. The “Full-Stack” Dilemma: “Doing everything yourself” can lead to falling behind specialized tech giants, risking technological isolation to save costs.

Part 3: The Alliance with Stellantis – A Gambit for the Next Decade

To solve these three challenges, Leapmotor made its boldest move yet. In 2023, Stellantis invested €1.5 billion for a 20% stake and formed “Leapmotor International,” a joint venture to tackle the global market.

The true goal of this alliance is not to fix problems inside China, but to find solutions outside of it.

Using Stellantis’s powerful global network, the plan is to export the C10 model—a car designed for global tastes—to Europe, South America, and beyond. This is a multi-pronged gambit to: ▲ Reposition the brand from a domestic value player to a global tech contender, ▲ Diversify revenue away from the C11, and ▲ Absorb Stellantis’s global expertise to strengthen their own R&D.

Conclusion: The Battle Is Won, But the War Has Just Begun

Leapmotor’s first decade was a drama of ambition, failure, and a stunning comeback. They have undoubtedly won the battle for survival.

But now, with Stellantis, they enter a new battlefield: the global stage. Their real test is not how they survived, but how they will continue to win. Can Leapmotor escape the curse of being a “one-hit wonder” and become a true global force? Their next 10 years will be even more fascinating to watch.

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