Leapmotor (09863.HK) plans to achieve localized production in Europe, expected to be achieved by the end of next year, in order to reduce tariffs and transportation costs, as the European Union has imposed additional tariffs on Chinese-made electric vehicles.

The report states that Leapmotor's sales target for next year is at least 0.5 million vehicles, and will further increase market share by introducing the B series models, with expected gross margin to reach over 10%.