Leapmotor recently launched its first MPV model, the D99, with a price range of 249,800 to 319,800 RMB, making it the highest-priced product in the brand's current lineup. This new model is built on Leapmotor's most expensive D-series platform, marking the company's expansion of its premium strategy from SUVs to the MPV segment. Although the domestic MPV market has shown a slight decline in recent years, Leapmotor's management believes there are still structural opportunities in this segment, especially as family users' demand for space and comfort grows.
Data shows that in 2024, domestic MPV retail sales were 1,087,600 units, down 1.2% year-on-year; in 2025, sales further declined to 1,058,000 units, with a drop of 2.3%. Compared to the SUV and sedan markets, the MPV market's scale and growth potential are significantly limited. Leapmotor Chairman Zhu Jiangming admitted in an interview that entering the MPV market is not about pursuing short-term sales volume, but rather to perfect the product matrix and enhance per-vehicle revenue and brand premium. He emphasized that Leapmotor's premium path does not rely on brand premium but on product strength and cost-effectiveness to win user recognition.
To address the high demand for long-distance travel among MPV users, the D99 offers both extended-range electric and pure electric powertrain versions. According to Leapmotor Senior Vice President Cao Li, 60% of current orders are for the extended-range version, while 40% are for the pure electric version. This powertrain strategy is closely related to market sensitivity to range. The launch of the D99 also marks the expansion of Leapmotor's D-series platform from SUVs to the MPV market, forming a price gradient with the A, B, and C series, with the D series positioned in the premium market above 200,000 RMB.
Leapmotor's first D-series model, the D19, has achieved initial success. According to public data, the D19 received over 10,000 orders in its first month, with a low proportion of base versions chosen, indicating high consumer acceptance of premium configurations. In May 2025, the D19 ranked third in the large SUV sales chart with monthly sales of 7,021 units, trailing only NIO ES8 and Zeekr 9X. This performance has boosted confidence in Leapmotor's continuing premium strategy, but the MPV market faces more intense competition.
The current 300,000 RMB-level new energy MPV market has gathered multiple brands, including Denza D9, Voyah Dreamer, Wey High Mountain, and Trumpchi E9. Meanwhile, traditional fuel models such as Buick GL8 and Toyota Sienna still hold some market share. Leapmotor needs to prove whether its advantages in cost control and cost-effectiveness can be sustained in the MPV market, which focuses on space, comfort, and brand reputation. Zhu Jiangming stated that the profit level of the D99 is higher than that of the A10 model under 100,000 RMB, but Leapmotor still adheres to the "cost pricing" principle to avoid excessive pursuit of premium.
The market performance of the D99 is not only about product competitiveness but also directly affects Leapmotor's profit sustainability. Recently, Leapmotor's refinancing plan received feedback from the CSRC, requiring the company to explain the basis for turning losses into profits and improving gross margin in 2025, and to assess the sustainability of profitability based on factors such as orders, capacity utilization, and industry competition. According to announcements, Leapmotor plans to raise approximately 6.744 billion RMB through this private placement, with subscribers including investment companies under FAW Group and local state-owned enterprises.
Financial data shows that Leapmotor achieved its first full-year profit in 2025, but the first quarter of 2026 faced pressure. During that period, the company recorded a net loss of 390 million RMB, with gross margin falling to 9.4% and operating cash outflow of 6.61 billion RMB. Leapmotor explained that the decline in gross margin was mainly due to product mix changes and a decrease in strategic cooperation business. Zhu Jiangming admitted that rising raw material prices pose challenges, but the company does not plan to pass on costs through price increases, choosing instead to digest pressure together with the supply chain. Regarding the profit outlook for the D99, he said that the gross margin in the second quarter is "controllable," but specific figures need to be observed based on market feedback.
Industry analysts believe that the success or failure of the D99 has dual significance for Leapmotor: on one hand, it must verify the feasibility of the premium strategy in the MPV market; on the other hand, it must prove that higher-priced models can substantially improve the company's financial situation. Against the backdrop of intensifying competition and rising costs, Leapmotor needs to balance sales growth and profitability to respond to market doubts about its long-term development potential.
