Chinese electric vehicle maker Leapmotor aims to sell more than 4 million vehicles annually within the next decade, CEO and founder Zhu Jiangming said on Monday.

The company targets 1 million units in 2026, supported by a global expansion strategy in partnership with European automaker Stellantis, Zhu told reporters at Leapmotor’s headquarters in Hangzhou. He also confirmed plans to launch a premium vehicle lineup priced above 250,000 yuan ($34,300).

Leapmotor, founded in 2015, has seen rapid growth in China’s highly competitive EV market. Its C10 electric SUV, priced from 142,800 yuan, has helped the company gain market share in the sub-$25,000 EV segment, challenging industry leader BYD.

Data from the China Passenger Car Association show Leapmotor’s domestic sales nearly doubled in the first 11 months of 2025, reaching 482,447 pure electric and plug-in hybrid vehicles. In comparison, BYD’s domestic sales fell 5.1% to 3.1 million units during the same period.

Zhu, an electronic engineer and co-founder of surveillance equipment firm Dahua Technology, emphasized the importance of in-house development and manufacturing of key technologies, which he said is critical to Leapmotor’s cost competitiveness and long-term growth strategy.

“Controlling the core technologies allows us to optimize costs and maintain our competitive edge in a challenging market,” Zhu said.

The company’s aggressive expansion and product diversification come as China’s EV market continues to grow amid strong government support, intensifying competition, and rising consumer demand for affordable and premium electric vehicles.