Leapmotor Delivers 356,000 Vehicles in H1 with Just ¥600 Profit per Car—New EV Makers Decouple Sales from Profits

In August 2026, the semi-annual performance reports of China's new-energy vehicle (NEV) startups revealed a decoupling between sales volume and profitability. Leapmotor led the pack among NEV newcomers with deliveries of 356,000 units in the first half of the year, yet its profit per vehicle was merely RMB 600. XPeng reported a 15.8% year-over-year decline in deliveries, posting a net loss of RMB 3.12 billion and a gross margin of 20.6%. Xiaomi Auto saw deliveries surge by 28.2% year-over-year but incurred an operating loss of RMB 2.6 billion. Li Auto’s deliveries fell by 11.5% year-over-year, resulting in a total loss of approximately RMB 4 billion in the first half of the year.