Leapmotor, the Chinese electric vehicle manufacturer with Stellantis as a basic shareholder, reported record profits in the first half of 2026 and is preparing to start production in Spain. Information from elespanol motor, the company posted a net profit of 208.4 million yuan (€26.5 million), nearly seven times higher than in the same period last year. Net profit attributable to shareholders also quadrupled to 178.2 million yuan (€22.7 million), while operating profit reached 128.4 million yuan (€16.3 million), reversing the operating loss recorded in early 2025.
The improvement came alongside a 60.8% jump in global sales, with 356,487 vehicles delivered worldwide in the first half of the year. International markets have grown increasingly impressive: overseas sales reached 96,294 units, almost five times the year-earlier figure. Exports now account for 27% of total sales, up nearly 18 percentage points from the previous year, as China's domestic market contends with ongoing price wars and shrinking margins.
Revenue for the first half of 2026 reached 38.1 billion yuan (€4.86 billion), up 57.1% year on year. Income from international markets grew sevenfold to 9.1 billion yuan (€1.16 billion), making Europe Leapmotor's second-largest market after China. European revenue hit 8.88 billion yuan (€1.13 billion), nearly five times last year's level and equal to 23.8% of total turnover. Chinese domestic revenue grew by 30.1% to 29 billion yuan (€3.7 billion).
Leapmotor's workforce has also grown quickly, with nearly 10,000 employees added in six months. By the end of June, the company employed 31,388 people globally, most of them in China.
Spanish Production Key stage
Leapmotor is set to begin manufacturing outside China for the first time, with Spain as its first location. The Figueruelas plant in Zaragoza is scheduled to start producing the Leapmotor B10 in the third quarter, likely in October. The facility has been upgraded to accommodate the model. Pilot production of the Leapmotor B05 is also expected to begin this year, with full-scale manufacturing planned for 2027.
Stellantis, which acquired a 20% stake in Leapmotor after investing over €1.5 billion in late 2023, is also in talks to transfer ownership of its Villaverde plant in Madrid to the Chinese automaker. These moves are intended to help Leapmotor avoid the 30.7% EU import tariff on Chinese-made electric vehicles, which has led several Chinese brands to localize production in Europe. The shift echoes wider industry changes, including when Geely ramped up its export ambitions following its stake in Ford España.
Forecasts and Industry Context
Despite its strong results, Leapmotor has lowered its full-year net profit forecast to 3 billion yuan (€382.3 million), down from the previously projected 5 billion yuan. The company attributes the adjustment to rising raw material costs. It expects overseas sales to reach 150,000 units by year-end and is targeting 350,000 to 400,000 vehicles abroad in 2027, including 50,000 through Stellantis sales channels.
Industry analysts say Leapmotor's rapid expansion in Europe reflects a broader trend among Chinese automakers seeking higher margins and stability outside their home market. Localizing production in Spain addresses tariff pressures and puts the company in a stronger position to compete directly with established European brands.
