Leapmotor Chairman Zhu Jiangming Says He'd Skip Car Business If He Knew It Costs 200 billion yuan

In a preview for Luo Yonghao’s podcast “Luo Yonghao’s Crossroads,” Leapmotor chairman Zhu Jiangming warned that had he known building an automobile company required at least 200 billion yuan, he would not have started the venture. He reiterated the figure, calling it the minimum capital needed for car manufacturing.

Zhu argued that Leapmotor is severely undervalued, citing four product lines—complete vehicles, electronics (including lighting and cockpit autonomous‑driving systems), electric drive units, and batteries—each worth at least 50 billion yuan, giving the company an overall valuation of roughly 2 trillion yuan. He emphasized the firm’s “full‑domain self‑development” strategy, which eliminates supplier margins and passes savings to consumers. Looking ahead, Zhu said the company must reach one million vehicle sales by 2026 with “no Plan B,” asserting that EV makers unable to scale to that level will struggle to survive.