Leapmotor's R&D investment is low and it faces market competition pressure

Leapmotor's R&D expenditure in the first half of 2023 was 823 million yuan, far lower than that of NIO, Li Auto and Xpeng in the same period. Leapmotor faces market competition pressure from independent traditional car companies and the transformation of the elephant, as well as the challenge of Huawei's smart car selection model.