Leapmotor’s Zhu Jiangming: NEV Market Share to Exceed 80% in 5 Years—Product Competitiveness Is Key

In a recent interview with the People's Daily, Zhu Jiangming, founder of Leapmotor, stated that over the next three to five years, new energy vehicles (NEVs) could account for 80% to 90% of China’s total vehicle sales, and the global market will also accelerate its transition toward NEVs. He emphasized that despite ongoing price competition, automakers must maintain reasonable gross margins and enhance product competitiveness, quality, and cost control through market-driven competition to achieve a win-win outcome for both the industry and consumers. Zhu noted that while having company executives appear in the spotlight can boost publicity, the core focus must remain on technology and products—“only with solid products does marketing truly matter.” In 2023, Leapmotor delivered 596,555 vehicles, a 103% year-over-year increase. In September last year, the company produced its one-millionth vehicle, becoming the second Chinese EV startup to reach this milestone, and has already set an ambitious sales target of one million units for 2026.