Chinese electric vehicle maker Leapmotor said on July 31 that due to factors such as rising upstream raw material prices, the company will adjust the retail price of its T03 models (except T03 2022 special edition).
There are 6 editions of the Leapmotor T03 and the most recent price increase only covers five of them, ranging from 5,600 yuan ($829) to 6,600 yuan ($977).
This is not the first time that Leapmotor has increased its prices. In March this year, in the tide of price increases that hit new energy vehicles, Leapmotor has already had two price adjustments, one for its C11 and the other for the T03.
Leapmotor said on March 18 that due to the sharp rise in raw material prices and the decline of state subsidies, the price of its C11 models increased by about 20,000 yuan to 30,000 yuan. Only one week later, the company officially announced the price increase of the T03 models for the same reason, with the price increase ranging from 3,000 yuan to 5,000 yuan.
At present, Leapmotor has launched four models including S01, T03, C11, and C01. At the end of June, the company’s 100,000th production car rolled off the production line.
In 2021, the cumulative sales volume of Leapmotor vehicles was 43,121 units, of which 38,463 units were the T03, accounting for nearly 90% of the totals. In the first half of this year, the sales volume of Leapmotor increased by 265% year-on-year to 51,944 units, among which the T03 was still the best-selling product, with the sales volume reaching 33,058 vehicles. The delivery volume of Leapmotor reached 12,044 units in July, an increase of over 177% year-on-year, and reached a new high for three consecutive months.