"We hope it can become the Alphard of electric vehicles. Everyone believes that the Alphard is the most classic MPV, and we are working hard in that direction," said Zhu Jiangming, Chairman of Leapmotor, when communicating with Mirrormedia Pro and others after the launch of the Leapmotor MPV model D99 on June 25. The D99, launched on the same day, is priced between RMB 249,800 and RMB 319,800, offering both extended-range and pure electric versions.

The Leapmotor D99 adopts differentiated high-voltage platform technologies for different power versions. The extended-range model is built on an 800V high-voltage extended-range platform, equipped with an 80.3kWh battery pack and a dual-motor four-wheel-drive system. The pure electric model is upgraded to a 1000V three-electric system, featuring a CATL 115kWh battery. In terms of body dimensions, the new car measures 5280/1995/1900mm in length, width, and height, with a wheelbase of 3110mm.

Regarding cockpit intelligence and riding experience, the Leapmotor D99 is the first to feature an integrated cabin and driving central domain control, equipped with an onboard AI large model smart cockpit. Notably, Leapmotor has put significant effort into the high flexibility of the vehicle's interior seating layout. For example, it supports independent folding of the first and second rows, second and third rows, or the third row into a bed. Additionally, the vehicle's second row is equipped with dual 124° zero-gravity aviation seats, integrating basic functions such as heating, ventilation, and massage. The vehicle is also configured with a 34.3-inch floating table and an onboard refrigerator/warmer.

Furthermore, the vehicle is equipped with dual Qualcomm Snapdragon 8797 chips, delivering a computing power of 1280TOPS. It comes standard with four-wheel drive, front double-wishbone and rear five-link independent suspensions, paired with dual-chamber air suspensions and variable damping shock absorbers, supporting the active pre-scan magic carpet function. "Even the base model is, in absolute terms, a high-end configuration compared to many competitors' products. It has almost all the features, except for air springs, which are basically included," said Zhu Jiangming. Additionally, most components are from top-tier brands, such as Michelin tires standard across all models, REPS Bosch Huayu steering standard across all models, and Adient seats at the rear.

In terms of pricing, the D99 continues Leapmotor's cost-based pricing strategy. Zhu Jiangming stated that Leapmotor's definition of luxury does not involve high premiums. Through this model, Leapmotor has achieved a "de-branded" market breakthrough in the market segment above RMB 200,000. For example, with the D99, Zhu Jiangming believes it far surpasses the Alphard in terms of performance, functional extensibility, and richer scenarios. "In addition to fulfilling all the functions of the Alphard, we have added many features, such as seat massages, zero-gravity seats, and more. There are also bidirectional facing seats for gatherings, fishing modes, etc.," said Zhu Jiangming.

By adding features to the Alphard, the D99 can achieve greater extensibility and functional satisfaction at less than one-third of the price. "Higher configurations, better quality, good but not expensive," said Zhu Jiangming.

01 Target Sales: Entering the Top Ranks

With such pricing and product strength, Leapmotor naturally hopes the D99 will become a hit. At the communication meeting, Zhu Jiangming also publicly disclosed the target for the D99. "The D99 has a relatively broad application scope. We hope it can achieve the average sales volume of the current mainstream leading MPVs in the industry. This is our baseline, and we still hope to surpass it," said Zhu Jiangming. If we look at the current MPV market, "leading" should at least refer to the top ten, and among the leading few, at least the top five.

In terms of all categories, the current top five are the Sienna, High Mountain, Dreamer, Tengshi D9, and Granvia. If we only consider new energy MPVs, they are the High Mountain, Dreamer, Tengshi D9, Buick GL8 PHEV, and XPENG G9. Based on the former, the median annual sales volume needs to be around 60,000 units, i.e., monthly sales of 5,000 units. If we only consider new energy MPVs, annual sales of 30,000 units can place a model in the top five, requiring monthly sales of only around 2,700 units. However, Zhu Jiangming did not specify the exact measurement criteria for his target.

From an industry perspective, the top four in the new energy MPV sector are significantly ahead. Other products generally have monthly sales of around 2,000 units. Zhu Jiangming believes that the current new energy MPV market is still in a stage of "steady growth." In addition to business needs, many families are also starting to choose MPVs. Therefore, when designing the D99, he aimed for a "suitable for both business and family" approach. Because it covers a sufficiently broad range, Zhu Jiangming is very confident about the D99. Of course, the "better-than-expected" performance of the D19 is also an important reason for his confidence.

The D19 has even received over 10,000 orders in a full month, surpassing products like the B10 and C10. These lower-priced products generally did not exceed 10,000 orders in their first month of launch, and the average price of the D19 reached RMB 250,000. This is also one of the sources of Zhu Jiangming's confidence in the D99. Because it shows that users accept Leapmotor's products in the RMB 250,000-300,000 price range. "With the foundation of the D19 and our confidence in the maturity of the D99, we believe this model will become a landmark product in the MPV segment," said Zhu Jiangming.

The prospects of the D-series products make Zhu Jiangming optimistic about the subsequent market and operations. He stated that although the overall market declined from January to May and in the first three weeks of June, the situation is not very optimistic, Leapmotor has no plans to adjust its targets. He said that Leapmotor basically met expectations in June and still wants to make the greatest effort to achieve the annual target of 1 million units. "Although it is very difficult, it is still possible," said Zhu Jiangming.

However, affected by the increase in raw material prices, Zhu Jiangming stated that Leapmotor's gross profit margin in the second quarter will also be somewhat impacted. "In the second quarter, it may not be as good, but it will not be too bad, at least within a relatively controllable range," said Zhu Jiangming.

02 High-End Brand: New Technologies Lead the Way

With the launch of the D99, Leapmotor has completed its product layout across the four major series: A, B, C, and D. At this point, Zhu Jiangming is already preparing for Leapmotor's next steps. According to him, Leapmotor will hold a technology conference in the third quarter of this year to release brand-new technologies. "These innovative technologies are definitely to prepare for even more innovative products in the future. Because technology must come first. After laying the foundation, we can have more innovative products. So I believe that next year, Leapmotor will definitely present products that surprise everyone, products that are unique and different from the current models," said Zhu Jiangming.

Among these technologies, the only one currently confirmed is intelligent driving technology. Zhu Jiangming said that Leapmotor's early investment in intelligent driving was relatively small, mainly following the market. However, he hopes that within the next two to three months, Leapmotor's intelligent driving will surprise the outside world. "On Leapmotor's Technology Day, I believe everyone will have a renewed understanding after experiencing it," said Zhu Jiangming. From Zhu Jiangming's statements, it is not difficult to see that these technologies will pave the way for the subsequent launch of Leapmotor's high-end brand.

In the first quarter of this year, Leapmotor's senior management stated that the company indeed has plans for a second brand, expected to be unveiled as early as the end of this year or next year, with a market launch in the middle or second half of next year. Previous reports indicated that Leapmotor plans to launch a new second brand in 2027, targeting the high-end market above RMB 300,000. If the second brand is launched, it will improve Leapmotor's gross profit performance. On June 26, Zhu Jiangming stated, "Next year, you will see some changes in our products, and we will also announce the second brand." This statement means that the timing of the second brand is set for 2027.

Zhu Jiangming explained the foundation for the success of launching the second brand. He stated that with the release of the two models in the D-series, Leapmotor already has the capability to produce high-end vehicles, and the market has a high acceptance of this. From a market environment perspective, Chinese consumers are also more willing to pay for products rather than premiums. In the current market, the product is the brand, and pure brands do not exist. This means that in the high-end market, Leapmotor has an opportunity to stand out. With the launch of Leapmotor's second brand, it will become the second new force in the industry to develop dual brands—the first being NIO.

From an industry perspective, XPENG's MONA is already moving towards an independent brand and will likely develop into a dual-brand model in the future. Additionally, major automakers such as ARCFOX and Seres also adopt a dual-brand development model. However, among those moving from the entry-level to the high-end market, only Leapmotor stands out. So, what model will Leapmotor adopt in building its high-end brand, and can it replicate its rapid breakthrough capability from previous years? This will significantly change the market landscape.