CEO of one of the world's largest EV makers says $7,000 electric SUVs are on the way

Electric SUVs that cost just $7,000? The CEO of Chinese EV giant Leapmotor says they’re not only possible, but they’re coming.

Leapmotor CEO Zhu Jiangming believes it’s ‘reasonable’ that a mid-to-large SUV could one day cost $7,000, crediting falling production costs driven by advanced chip integration and cheaper raw materials like lithium, steel, and aluminium. 

To put that into perspective, Zhu points to consumer tech: a 100-inch TV now sells for under $800, and a basic air conditioner goes for just $150. 

If electronics can become that affordable today, tomorrow you could drive away in a family-size EV for less than a used iPhone. 

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Once considered a second-tier start-up, Leapmotor has now become one of China’s leading EV makers.

In May alone, the brand delivered over 45,000 vehicles, marking a 148 percent year-on-year increase. 

It’s been the top-performing new energy vehicle start-up in China for three straight months, and it’s not slowing down – the company now boasts 1,500 global stores and counting.

Even major industry players are taking notice. 

In 2024, Stellantis – the company behind Jeep, Fiat, and Citroën – invested $2.1 billion into Leapmotor, backing its rapid expansion.

On June 11, Leapmotor opened its first store in Hong Kong – and its 1,500th worldwide.

While Hong Kong’s market is relatively small, Leapmotor sees it as a strategic window to global visibility.

It’s also becoming a serious EV hotspot: nearly 75 percent of new private vehicles registered in the first half of 2024 were electric, with Chinese brands dominating the space. 

Leapmotor now joins competitors like BYD, Xpeng, Zeekr, and others vying for market share.

Leapmotor’s current lineup already includes several family-sized SUVs. The C10 is a mid-size model, while the C11 takes things up a notch with more space and power.

Then there’s the C16, a six-seater SUV designed for larger families, putting it squarely in the mid-to-large category.

They currently retail between $16,800 and $28,000, but Zhu says that $7,000 versions could be realistic as tech costs drop.

These aren’t stripped-down econoboxes either – they come with premium designs, modern interiors, and EV tech that’s already making waves in Europe and China.

Next stop: global takeover.

Leapmotor has already established 500 overseas dealerships, mainly across Europe, and plans to set up local production in Europe and Southeast Asia by the end of 2025.

If Leapmotor pulls this off, the EV game won’t just change – it’ll reset entirely.

A full-size electric SUV for $7,000 might sound like a fairytale now, but that’s exactly what Zhu is betting on.

And hey, people once said the same thing about a 100-inch TV for $799.

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