Leapmotor Tops Feb EV Sales, Xiaomi & Wenjie Plunge

🔑 Enhanced Key Takeaways

•Leapmotor's cumulative 2026 deliveries exceeded 60,000 units by end of February, ranking second only to HIMA, demonstrating sustained momentum after nearly doubling sales from 300,000 (2024) to 596,555 (2025).
•Li Auto's charging infrastructure network now operates 4,054 ultra-fast charging stations with 22,447 charging points nationwide, handling 1.45 million sessions during Spring Festival—a critical differentiator addressing range anxiety in the competitive EV market.
•Leapmotor's self-developed technology stack (M100 chip, 8797 automotive chip, in-house software) enables cost reduction of approximately 10% while supporting advanced features like LiDAR and driver assistance systems in budget-segment vehicles.
•The February sales decline across major startups (Xiaomi 'halved' MoM, Xpeng down 49.9% YoY, HIMA down 62.5% MoM) reflects seasonal weakness and strategic inventory clearing ahead of Q2 flagship launches rather than fundamental demand collapse.
•Leapmotor's 2026 target of 1 million units represents a 67% increase from 2025 actuals, contingent on successful launches of the A10 compact SUV (sub-100,000 yuan, Q1 2026) and D99 multi-purpose vehicle, positioning the brand to challenge established leaders.

📊 Competitor Analysis▸ Show

Metric	Leapmotor	Li Auto	Xiaomi	HIMA	Xpeng
Feb 2026 Deliveries	28,067	26,421	20,000+	21,517	15,256
Feb MoM Change	-12.5%	-4.5%	~-50%	-62.9%	-23.8%
Feb YoY Change	+11%	+0.6%	N/A	N/A	-49.9%
2026 Sales Target	1,000,000	550,000	550,000	1,000,000+	N/A
Cumulative 2026 (Feb 28)	60,000+	1,594,304 (all-time)	N/A	N/A	N/A
Key Strength	Cost-optimized tech stack; budget-segment dominance	Charging network (4,054 stations); L-series loyalty	Brand IP leverage; production scaling (70k/month target)	Multi-brand portfolio (Aito lead)	Declining momentum; product transition
Upcoming Launch	A10 (Q1), D99	L9 Livis (Q2)	SU7 mass production	N/A	N/A

🛠️ Technical Deep Dive

Leapmotor M100 Chip & 8797 Automotive Chip: In-house semiconductor development enabling 10% cost reduction while supporting advanced driver assistance and in-cabin AI features in sub-200,000 yuan vehicles.
Li Auto OTA 8.3 Update: Coordinated enhancements across three systems: VLA driver large model (AI-driven assistance), intelligent cockpit platform, and smart electric architecture; positions vehicles as 'embodied intelligence' companions rather than transportation tools.
Li Auto L9 Livis Specifications: Next-generation flagship SUV with battery exceeding 70 kWh (500+ km pure-electric range), dual 8797 chips, 80.3 kWh range-extender battery, wheelbase exceeding 3.1 meters, electrically operated thermal management (hot-and-cold refrigerator).
Leapmotor A10 Compact SUV: Pricing under 100,000 yuan ($14,400 USD equivalent); LiDAR and advanced driver assistance systems integrated despite budget positioning—enabled by proprietary chip architecture.
Charging Infrastructure Scale: Li Auto's 22,447 charging points delivered 42 million kWh during Spring Festival peak; Leapmotor's overseas gross margins expected to match domestic levels in 2026, indicating manufacturing efficiency gains.

🔮 Future ImplicationsAI analysis grounded in cited sources

Leapmotor's 1M-unit 2026 target is achievable but dependent on A10/D99 execution

Current 60,000 cumulative units (Feb 28) require 940,000 deliveries in remaining 10 months (~94k/month average), feasible given 32,059 January and 28,067 February baseline, but contingent on successful sub-100k yuan A10 launch and D99 market reception.

Li Auto's L9 Livis 'embodied intelligence' positioning signals shift from spec-driven to AI-centric competition

OTA 8.3 update and dual-chip architecture indicate Li Auto is redefining value proposition around proactive AI companionship rather than range/performance metrics, potentially reshaping how startups compete against BYD and traditional OEMs.

February's MoM declines across startups reflect seasonal/strategic inventory clearing, not demand destruction

Synchronized discounting (Li Auto 70k RMB reductions), product transition timing (Xiaomi SU7 mass production prep, Xpeng model gaps), and Spring Festival travel rush completion explain 20-62% MoM drops; YoY growth (Leapmotor +11%, Li Auto +0.6%) and Q2 launch pipeline suggest recovery.

⏳ Timeline

2024-12

Leapmotor D99 multi-purpose vehicle debuted; positioned as new brand pillar alongside existing B/C/T series

2025-01

Leapmotor achieved ~50,000 monthly deliveries; trajectory toward 600k annual target established

2025-12

Leapmotor delivered 596,555 vehicles for full year 2025, nearly doubling 2024's ~300,000 units; ranked 5th in China EV market with 4% share

2026-01

Leapmotor delivered 32,059 vehicles in January 2026 (+27.37% YoY); cumulative 2026 sales began tracking toward 1M-unit target

2026-02

Leapmotor reclaimed top spot among NEV startups with 28,067 deliveries; cumulative 2026 sales exceeded 60,000 units (2nd behind HIMA)

2026-03

Leapmotor A10 compact SUV launch imminent (Q1 2026, sub-100k yuan pricing); D99 production ramp underway to support 1M-unit annual target

Leapmotor Tops Feb EV Sales, Xiaomi & Wenjie Plunge

⚡ 30-Second TL;DR

🧠 Deep Insight

🔑 Enhanced Key Takeaways

🛠️ Technical Deep Dive

🔮 Future ImplicationsAI analysis grounded in cited sources

⏳ Timeline

📎 Sources (10)

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