Chinese electric vehicle startup Leapmotor announced Wednesday that it has entered into a strategic cooperation agreement with China Construction Bank's Zhejiang branch, securing the bank's strategic funding support of nearly 10 billion yuan ($1.55 billion) over the next five years.

Leapmotor is currently accelerating the layout of its production capacity, technology and model reserves, and looks forward to establishing closer cooperation with the bank to achieve a win-win situation, said Zhu Jiangming, the company's founder, chairman and CEO, at the signing ceremony.

Leapmotor secures about $1.55 billion credit line from Chinese bank-CnEVPost

(Photo source: Leapmotor)

Leapmotor was founded in 2015, and the company currently sells the mini-vehicle T03 and the coupe S01. Its flagship SUV model, the C11, will be mass-produced and launched in October.

Leapmotor secures about $1.55 billion credit line from Chinese bank-CnEVPost

(Photo source: Leapmotor)

The company said earlier this month that it delivered 4,488 vehicles in August, up 720 percent year-over-year and up 1.9 percent from July's 4,404 units.

The T03, Leapmotor's main seller, had 4,409 deliveries in August, the company said.

Leapmotor received 7,607 orders in August, up 16 percent from June, bringing its cumulative orders for the year to 35,662, it said.

The T03 is available in five models with a price range of RMB 59,800 ($9,250) - RMB 76,800. The S01 includes two versions starting at RMB 129,900 and RMB 149,900, respectively.

The C11 became available for pre-sale in early 2021, with three options priced at RMB 159,800, RMB 179,800 and RMB 199,800, respectively.

In July, Leapmotor co-founder Wu Baojun said the company would launch eight models by the end of 2025, covering a price range of up to RMB 350,000, and plans to enter overseas markets in 2022.

Leapmotor's overall sales target for 2025 is 800,000 units, the company said previously.

Leapmotor announces closing of $690 million in new financing

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