Chinese EV maker Leapmotor jumps into Hong Kong as ‘showcase’ for global push

Chinese electric vehicle (EV) maker Leapmotor opened its first retail store in Hong Kong on Wednesday, as founder and CEO Zhu Jiangming said the company’s debut in the city would be a stepping stone to greater international success.

The new outlet, in the Cityplaza complex at Taikoo Shing on Hong Kong Island, is the company’s 1,500th store globally. A second Hong Kong store was scheduled to open in December, the company said.

Hong Kong drivers will be able to check out right-hand drive editions of the company’s C10 SUV and its compact, the T03, after Leapmotor unveils them on Thursday, with pricing to be announced at the launch.

While the city’s annual car sales were relatively modest at around 40,000 to 50,000 vehicles, Zhu said the city would serve as a showcase for Leapmotor to reach global consumers and as a window for international investors to better understand the company.

Leapmotor had already expanded its footprint to Malaysia, Thailand and Indonesia, where the company’s B10 compact SUV was slated to join the T03 and C10 later this year, said Cao Li, vice-president, on the sidelines of the Hong Kong store’s opening ceremony.

Based in Hangzhou in China’s eastern Zhejiang province, the carmaker operates more than 600 overseas sales and service outlets across Europe, the Middle East, Africa and Asia-Pacific. It would determine the sites for factories in both Europe and Southeast Asia by the end of the year, Zhu said.

Leapmotor’s international expansion comes as China’s domestic EV sector is embroiled in a brutal price war, with major players slashing prices to defend market share. On May 23, BYD – the sector’s dominant player – cut prices on 22 models, including a 20 per cent reduction on its Seagull hatchback, bringing its price to 55,800 yuan (US$7,766). This followed Geely Galaxy, a sub-brand of Geely Auto, rolling out limited-time discounts ranging from 8 per cent to 18 per cent on seven models.

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