The Unstoppable Rise of Leapmotor — August’s China EV Gross sales Report (45% BEV Share)

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Excessive gasoline costs and a unending wave of latest BEVs has allowed August to achieve 65% EV market share, a brand new document!

Nonetheless, whereas document market share was achieved prior to now because of sturdy EV gross sales, this time, the document achievement is because of a big ICE (inside combustion engine) crash. The general market dropped 24% 12 months over 12 months (YoY), to round 1.5 million gross sales. Within the midst of a sea of purple — plugin hybrids (PHEVs) fell 30% and prolonged vary fashions (EREVs) have been down 22% — the one powertrain with constructive numbers have been BEVs, which rose 1% YoY.

Including the 45% BEV share to PHEVs (20% share) meant that, in August, a document 65% of all vehicles bought in China had a plug! If this development continues sooner or later, the Chinese language market might be totally electrified earlier than 2030, and might be 100% BEV earlier than 2035!

This nice end result pulled the 2026 share up, to 57%, already 3% above the complete 12 months results of 2025. BEVs on their very own have been as much as 38% (versus 33% in 2025).

At this tempo, I count on the ultimate quantity for 2026 EV share in China to be above 60%, with BEVs alone north of the 40% mark. And when the most important world automotive market will get this electrified … then the ICE business is in deep trouble.

(Which signifies that investing cash in R&D for ICE expertise at present is throwing cash out the window, as there received’t be sufficient time to pay again the funding prices.)

One other attention-grabbing statistic is that the breakdown between pure electrics and plugin hybrids is shifting, to the revenue of BEVs. Firstly of the 12 months, PHEVs have been cashing in on the incentive-derived BEV drop, however pure electrics are returning with a vengeance. August confirmed a 69% vs. 31% breakdown, to the good thing about BEVs, with the 2026 common at 67%/33%.

Traditionally, that is the best BEV share since 2023, and a step within the return to the 80% vs 20% breakdown of the primary years within the Chinese language EV market. With PHEVs dropping incentives on the finish of this 12 months, 2027 may very well be the primary 12 months since 2022 to see that form of gross sales breakdown.

One other seismic change taking place within the Chinese language automotive business is the growing significance of exports for native OEMs. In August alone, near 1,000,000 items (888,000) have been exported, a 78% leap YoY, with the EV share of these exports following carefully the home market — 58% EV share in August vs. 40% in the identical month final 12 months.

Resulting from these important month-to-month EV exports from Chinese language automakers, together with the rise of native gamers — like Vietnam’s Vinfast, Turkiye’s Togg, or India’s Tata and Mahindra — legacy OEMs are usually not solely struggling within the Chinese language market, which is the most important on this planet, but additionally being squeezed elsewhere, so it’s nothing greater than a pipe dream to assume that they will maintain the EV tsunami by protecting their ICE fashions in markets exterior China.

A secondary impact of this export push is that as a result of Chinese language exports are additionally closely electrified, export markets are being electrified as Chinese language OEMs regularly achieve share.

The ICE extinction can be seen within the general rating, as we’ve one other all-EV high 10 in August within the general market — eight of them being pure electrical fashions! (As such, beginning subsequent month, I’ll not present the general high 10 — as a result of … redundancy).

Taking a look at the most effective sellers in a number of dimension classes, the ICE extinction can be fairly seen. All dimension classes had 100% plugin podiums, and of those, solely three fashions weren’t 100% BEV.

Having a fast take a look at the 5 dimension classes, the spotlight is the Fang Cheng Bao Tai 7 beating the Xiaomi fashions. Though, with the cellular phone maker became an EV startup near launching its new Giga-SUVs (Skynomad, N70, and N90), FCB’s management may very well be short-lived.

Additionally, two notes relating to the 2 smallest classes: The B phase is having its finest second ever as opponents attempt to replicate the Geely Xingyuan formulation. Nobody has managed to get near it up to now, however Leapmotor is on the way in which there, as its new A10 crossover continues to ramp up manufacturing. And Leapmotor is just not finished but with the B phase, because the A05 hatchback, a real Geely Xingyuan fighter, has landed and was already at over 8,000 items in August. And with a new-generation BYD Seagull additionally touchdown quickly, aimed squarely at beating the Geely Xingyuan, the subcompact class is now the most well liked factor within the Chinese language EV market.

As for metropolis vehicles, gross sales are affected by the subsidy minimize that got here firstly of the 12 months, with the class slowly recovering from the dismal outcomes of the early months. Whereas the Wuling Mini EV remains to be the one related participant general, the Changan Lumin has reached 8,637 items in August, a brand new 12 months finest, permitting it to win silver within the class. It beat Bestune’s Xiaoma and Geely’s Panda to get there. However what the class actually wanted was recent metallic. BYD Racco, anybody?…

Right here’s extra information and commentary on August’s high promoting electrical fashions:

#1 — Geely Xingyuan

A BYD Dolphin for BYD Seagull cash ($10,000 USD). This was Geely’s inside memo to explain the formulation for the Geely Xingyuan when creating its star mannequin. With an attention-grabbing identify — Xingyuan interprets as “wishing upon a star” — it appears that evidently Geely had its want granted. The small hatchback has given the Hangzhou OEM the a lot coveted finest promoting mannequin trophy. In August, the Geely mannequin received one other finest vendor trophy, because of 39,651 registrations, which had one thing of bittersweet style — on one hand, it was the hatchback’s finest end result since final November, however on the opposite, it nonetheless represented a 14% drop over August 2025. Proof that competitors by no means sleeps in China, Geely’s hatchback is now having to take care of Leapmotor’s B-segment contenders, the A10 and A05; the new-generation Wuling Bingo; Chery’s new QQ3; let’s not overlook concerning the BYD’s Yuan Up; and, above all, the new-generation BYD Seagull, which has only one objective — to steal the Xingyuan’s Greatest Vendor crown.

#2 — Leapmotor A10

Issues proceed to go effectively for the startup model, with its new child A10 promising to be the star participant of an already sturdy lineup. Due to 30,652 registrations, the small crossover continues to ramp up manufacturing, successful its first silver medal on the way in which. The mannequin has the standard value-for-money focus of the model, and a low, low worth of 66,000 yuan ($10,000). On high of that, nevertheless, the A10 affords one thing near a definite persona, because the design eschews the white product normal design of Leapmotor for one thing extra private, principally because of the back and front lights and a floating roof impact. One wonders how excessive the crossover will sit on the desk as soon as it’s at cruising velocity. Greatest vendor materials?

#3 — BYD Music (BEV+PHEV)

BYD’s midsize SUV continues to implement the transition to the brand new era. Due to the ramp-up of the brand new Extremely physique, BYD’s star participant was third, scoring 29,857 registrations, which positioned the YoY rating again within the black. Gross sales have been up by 16% in comparison with the identical month final 12 months. As soon as the brand new era is totally ramped up, the Music will as soon as once more be a fierce adversary for the competitors to beat. The brand new Extremely era options lidar and 1,500 kW DC charging, and these two options aren’t even probably the most spectacular facets of the mannequin! That may be the value. It begins at 152,000 yuan (or $22,000) with the 76 kWh battery, and it goes as much as 180,000 yuan (or $26,000) with the 83 kWh battery. For comparability, the Tesla Mannequin Y begins in China at 259,000 yuan ($38,250)…. Count on the Music to expertise a second youth within the second half of the 12 months, and whereas it must be subsequent to not possible to displace the Tesla Mannequin Y from the runner-up spot, the final place on the rostrum must be doable this 12 months. And possibly gold in 2027?

#4 — Tesla Mannequin Y

The prolonged wheelbase model, imaginatively referred to as “L,” helps the Mannequin Y’s fortunes in China. Nonetheless, in August, deliveries reached 29,260 items, a big 26% drop over August 2025. The lengthy wheelbase model is proving to be of massive assist for the US crossover, protecting the Mannequin Y’s gross sales afloat, however new variants can solely achieve this a lot. When most direct opponents are transitioning into 800V platforms and including new options, the six-year previous Mannequin Y is beginning to look a bit previous. Nonetheless, the Tesla crossover has sufficient demand to supply it a podium place this 12 months. Subsequent 12 months, although? Onerous to see it getting there.

#5 — Fang Cheng Bao Tai 7 (BEV+PHEV)

BYD’s premium arm Fang Cheng Bao has successful on its palms. This huge Land Rover SUV, the Tai (Ti?) 7, scored 23,471 registrations final month, a brand new 12 months finest. The BEV variations of this Chinese language Defender have been not too long ago launched (92 & 106 kWh batteries), together with with Flash Charging expertise, they usually have been promoting like sizzling truffles now that the market is shifting to pure electrics. In August, the BEV variations (12,909 items) have even outsold the PHEV ones (10,562)! Due to a profitable boxy design, aggressive specs, and a pleasant inside, for its worth vary, that is a kind of fashions that simply begs to be despatched abroad — going after not solely the posh SUVs of premium manufacturers, but additionally the gasoline guzzling Land Cruisers and Patrols of this world.

Taking a look at the remainder of the most effective vendor desk, the highlights begin with the #6 BYD Yuan Up, which scored its finest end result since final September — 22,958 registrations — thus placing three B-segment automobiles within the high six positions.

The opposite spotlight was the Tesla Mannequin 3 popping out of nowhere and leaping to seventh, thanks to twenty,787 registrations, its finest end result up to now this 12 months. Was this a one-time factor, or is the Tesla sedan again in kind? With no seen modifications to its worth proposition, one wonders concerning the cause for this newfound power.

As for the second half of the desk, two extra B-segment BEVs are getting themselves seen, with the brand new era of the Wuling Bingo scoring its finest end result up to now (14,695 registrations) and the nameplate’s highest rating since Might 2025 whereas the brand new Chery QQ3 EV went as much as seventeenth because of a document 12,579 registrations, that means that the manufacturing ramp-up remains to be taking place.

Exterior the highest 20, the principle occasion was the Haval H10 touchdown with a bang within the land yacht class. This monster of an SUV appears to be like prefer it may flatten complete mountains underneath it. With 600 hp and weighing 2,600 kg, that is Nice Wall’s wager to beat the entire Fang Cheng Bao SUVs. With such a powerful begin, it appears it’d simply do it….

One other massive PHEV on the way in which up sits underneath Chery’s luxurious arm, Luxeed, which appears to have hit a house run with its new minivan, the V9. With 8,312 registrations in solely its 4th month available on the market, the Luxeed V9 is now the most effective promoting MPV in China — welcome information for an OEM that has a considerably chaotic model coverage (Chery has the namesake model, however then there’s additionally, Exeed, Jetour, iCar, Luxeed, Rely, Karry, Omoda, Jaecoo, Ebro, and Lepas).

Additional down the meals chain, the promising Xpeng Mona L03 crossover is already exhibiting up on the radar, having delivered 8,424 items in its second month available on the market, already making it the most effective promoting mannequin of the model in August. Nice issues are anticipated from the Mona L03. Now it’s the time to see if this enticing EV follows expectations.

Talking of nice expectations, after the resounding success of the Leapmotor A10, now it’s time for its hatchback sibling, the A05, to begin ramping up manufacturing. The mannequin reached 8,340 registrations in its second month available on the market. One wonders how excessive the A05 will go, and likewise, a no much less essential query, will it cannibalize the A10? I imply, put them facet by facet and the one distinction appears to be that the A10 is operating on stilts….

Wanting on the 2026 rating, the rostrum remained the identical, and until one thing sudden occurs, it ought to keep as it’s till the tip of the 12 months, with the small Geely repeating its 2025 win, the Mannequin Y returning to silver after its bronze in 2025, and the BYD Music getting again onto the rostrum after a one-year absence.

Under the rostrum positions, the Fang Cheng Bao Tai 7 took revenue from a constructive month and went as much as fifth, whereas the Leapmotor A10 continued to rise and jumped two positions in August to eighth. Contemplating that the Leapmotor small crossover remains to be ramping up, I wouldn’t be stunned if it ended the 12 months forward of the FCB Tai 7. And in fifth…

Within the second half of the desk, the BYD Dolphin was as much as thirteenth and would possibly climb one more place in September (the #12 NIO ES8 is simply 41 items forward). And with present tendencies favoring compact to small EVs… it looks like a simple catch.

However the main information lies elsewhere. Now we have a veteran (Tesla Mannequin 3) returning to the desk, in seventeenth. The Texan sedan hopes to climb a pair extra positions in September. In nineteenth, we’ve a brand new mannequin on the desk, the BYD Sealion 05, which hopes to grow to be a contender for the most effective vendor title within the compact class.

Wanting on the general producer rating, it’s a sea of purple. Everyone seems to be dropping gross sales — huge time. Toyota’s 21% drop may very well be thought of a win after we take a look at the 36% drop of BYD, the 24% drop of Geely, and the 40%(!) crash of the as soon as almighty Volkswagen, now solely in 4th.

So, if the large boys on high are crashing, who’s successful?

Leapmotor. The Hangzhou startup was up an astonishing 66% YoY, to 84,874 registrations, ending the month with one more document and fewer than 10,000 items beneath Volkswagen.

And with loads of recent metallic coming in (A10 and A05 ramping up, D19, D99…), count on gross sales to proceed on the way in which up, endangering the positions of not solely VW and Toyota as they attempt to adapt to the brand new realities of the market, however even huge shot Geely may grow to be threatened by Leapmotor.

I imply, it simply takes Leapmotor’s A10 and A05 beginning to steal related gross sales from the Geely Xingyuan and Geely may see its silver medal slip from its palms and into Leapmotor’s….

Wanting beneath the highest 10, one other startup is experiencing surging gross sales, with #24 NIO leaping 104% YoY to 21,000 items, all because of the success of its ES8 and ES9 land yachts. With the ES8 beginning at $57,000 USD and the ES9 beginning at $73,000 USD, it’s no marvel the common promoting worth of a NIO now stands at round $65,000 USD….

Then again, there are many international makes in deep purple, with the worst of them being Honda, solely 18th in August. The Japanese model noticed its gross sales crater by 50% YoY in August, to 27,000 items. In the meantime, fellow Japanese automaker Nissan, which a number of months in the past appeared to have discovered a technique to pull its gross sales up in China, is again in (deep) purple, having seen its gross sales crash 55% in August to 24,000 items, permitting it to be solely twenty first on the desk.

Lengthy story quick: the Chinese language automotive market is at present a story of two completely different markets — a shrinking previous ICE one, the place international legacy OEMs nonetheless maintain the bulk, and the more and more extra important EV market, the place native manufacturers dominate the panorama.

 

Wanting on the auto model rating, there’s actually not a lot information. Chief BYD is agency within the management place (17.2%, up 0.1%), whereas runner-up Geely is holding onto its 7.2% share.

Because of this rising Leapmotor (6.4%, up 0.3%) is quick approaching Geely. It wouldn’t be stunning if the startup model grow to be the brand new silver medalist in a few months.

In the meantime, Tesla (4.7%) held on to the 4th spot, however with #5 Wuling (4.7%) wanting like a menace within the rearview mirror. Nonetheless, count on Tesla to maintain the #4 place, as its September peak ought to assist it achieve distance over Wuling.

 

Taking a look at OEMs/automotive teams/alliances, BYD is main, with 21.7% share of the market, up 0.3% in August. The chief is benefitting from the continued success of Fang Cheng Bao, and from a powerful month popping out of Denza.

In the meantime, #2 Geely misplaced 0.2% share and acquired all the way down to 11.9%, however the multinational conglomerate nonetheless has the runner-up spot secured.

#3 SAIC was down (8% now vs 8.1% in July), however remained agency within the final place on the rostrum, whereas #4 Changan remained in 4th (6.6%, down 0.1%).

Having mentioned that, the fifth positioned Leapmotor (6.4%, up 0.3%) may surpass Changan quickly, and possibly even threaten #3 SAIC later within the 12 months.

Leapmotor is turning into a severe enterprise, because of a centered lineup that’s on the identical time broad, masking all the things from metropolis vehicles to full dimension ones, however with out going into the byzantine follies of BYD — the place you’ve a number of fashions for only one class (instance: midsize sedan BEV class: BYD e7, Qin L EV, Seal 06 EV, Seal).

With the mainstream market already lined, Leapmotor is now stepping it up a notch. It’s on the brink of launch a second model in China later this 12 months, little doubt of the premium selection since Leapmotor may be very a lot following within the footsteps of BYD.

If Leapmotor desires my 2 cents on this, after launching the second model in China, it may method Stellantis and purchase/JV Lancia on a budget, rebadging its premium fashions with the Italian brand in Europe.

I imply, when luxurious model Maserati groups up with JAC and Huawei to make their subsequent fashions, with a Chinese language model being bought as Maextro and the Italian model popping out as Maserati, what’s stopping Stellantis from doing the identical for Lancia?

Anyhoo … I digress. At this tempo, I wouldn’t be stunned if in a number of years (2030?), Leapmotor turns into a bigger automaker than Tesla … globally.