Leapmotor's deliveries in October fell about 11 percent from September, which the company blamed on a chip shortage and power crunch in China.

Leapmotor delivered 3,654 vehicles in Oct, up 256% from a year earlier-CnEVPost

(Graphic by CnEVPost)

Chinese electric car startup Leapmotor delivered 3,654 vehicles in October, up 256 percent from a year earlier, but down about 11 percent from September, according to data released Monday by the company.

The company blamed a chip shortage and a power crunch in China for the decrease in October deliveries compared with September.

So far this year, Leapmotor has accumulated 29,686 deliveries.

The company said it had 12,835 orders in October, up 47 percent from September, for a cumulative year-to-date order total of 57,251 units.

Its flagship SUV C11 had 4,248 orders in October and 11,108 cumulative orders to date on the market. the T03 model had 8,575 orders in October, the company said.

Leapmotor, which was founded in 2015, currently sells the minivan T03, the coupe S01, and the C11, which was launched in October.

On August 18, Leapmotor announced the completion of a new round of financing amounting to RMB 4.5 billion ($690 million).

Hangzhou government funds invested RMB 3 billion and other investors included CICC Capital, according to the announcement.

Bloomberg reported last month that Leapmotor was considering a Hong Kong initial public offering (IPO) that could raise at least $1 billion. But the company later denied it.

At the end of December last year, the company laid out an ambitious "5-year plan" to be among the top 3 new car makers by 2023.

The company also hopes to gain a 10 percent market share of China's new energy vehicle market by 2025.

Leapmotor delivers its flagship SUV C11 to first owners