Chinese EV makers step on the gas abroad as hedge against weaker mainland sales
A growing export drive by Chinese EV makers aims to soak up overcapacity and secure better profits as incentives fade
The carmakers, which can enjoy a net margin of 20,000 yuan (US$706) per vehicle by selling their cars outside mainland China, are rolling out more models and pushing into untapped territories to chase high profitability.
Its C10 and B10 SUVs would be displayed in 36 showrooms across 27 Brazilian cities by the end of this year, while they would be sold in five stores in Chile, the Hangzhou-based company said in a statement.
“In the near future, Leapmotor will expand our footprint in other South American markets including Argentina, Colombia and Ecuador,” it said. “We will have a presence in all the key markets on the continent.”
The company did not disclose its delivery targets in South America.