Leapmotor Q1 Exports Surge 442% to 40,000 Units: How Far Can the Low-Price Strategy Go?

In Q1 2026, Leapmotor's export volume reached 40,000 units, up 442% year-over-year, making it the fastest-growing NEV export brand among Chinese new forces. However, behind the rapid scale expansion, gross margin fell from 13.2% in Q1 last year to 9.4%, raising market concerns about the sustainability of the "volume-for-price" model.