One day after announcing discounts of up to RMB 10,000 for its least expensive model, the T03, Leapmotor announced benefits including loan interest subsidies for two other models.

The promotion comes at a time when Leapmotor's overall sales performance has been weak so far this year.

Leapmotor delivered a record 18,202 vehicles in October, up 159.07 percent year-on-year and up 15.2 percent from 15,800 in September.

However, in the January-October period, Leapmotor delivered 107,029 vehicles, up just 13.11 percent year-on-year. This was largely due to its big drop in deliveries at the start of the year, with combined deliveries in January-July lower than the same period last year.

Leapmotor's deliveries began a significant decline in the fourth quarter of last year, falling to 1,139 units by January of this year, the lowest since March 2021.

In an effort to reverse the sales slump, Leapmotor launched EREV versions of its two flagship models, the C01 and C11, to target a larger market.

On October 26, Leapmotor unveiled its tie-up with Stellantis, saying the latter would invest 1.5 billion euros ($1.59 billion) in it for a roughly 20 percent stake and two seats on the company's board.

($1 = RMB 7.3164, $1 = 0.9458 euros)

Stellantis to acquire 20% stake in Leapmotor with €1.5 billion investment, to form JV for international markets