Shanghai (ZXZC)- Leapmotor has recently become the sole shareholder of Fujian New Forta Automobile Industry Co.,Ltd. (New Forta), a Fujian-based automaker, according to the corporate data platform Tianyancha. The buyout is said to be made for gaining the qualification to produce vehicles.

Leapmotor T03; photo credit: Leapmotor

The startup has not been granted the licenses for car production yet, while has its vehicles assembled by Changjiang EV’s passenger vehicle (PV) subsidiary. Although the contract manufacturer's parent is now going into insolvent liquidation procedure, the assembly contract will not be affected as the cooperation was only made with the subsidiary, said Leapmotor.

According to corporate data platform Tianyancha, New Forta was founded in 2001 and involves a registered capital of 100 million yuan ($15,277,670). Its line of businesses covers the production and sale of trucks, dump trucks, vans, box trucks, light buses and chassis of these vehicles.

The Fujian-located automaker said it currently owns three manufacturing bases in Fuzhou, Zhangzhou and Changzhou with a product lineup embracing buses, pickups, light-/medium-/heavy-duty trucks as well as new energy vehicles (NEV). Starting operation in 2009, its Zhangzhou plant features annual capacity of 3,000 complete vehicles and 3,000 units of chassis.

Leapmotor has to-date rolled out into the market two mass-produced models, namely the S01 and the T03. Unlike most startups who choose SUV as their first mass-produced model, Leapmotor's first production vehicle, the S01, is positioned as a small-sized all-electric coupe.

In November, the Hangzhou-based startup sold 2,032 new vehicles (+17% MoM), 95% of which were the T03s. For the first eleven months, the company saw a total sales volume of 8,367 units.

Leapmotor launched the C11, its third production model, at the Auto Guangzhou 2020. The new all-electric SUV measures 4,750mm long, 1,905mm wide and 1,650mm high, and has a wheelbase of 2,930mm. Presale is set to kick off in December with prices ranging from 160,000 yuan ($24,444) to 200,000 yuan ($30,555).