Generous EV subsidies in Germany have prompted a surge in demand. The Leapmotor T03 starts at just €18,900 and is exceptionally cheap to lease. Germans can lease the T03 for just €1,760 over three years. Chinese EV startup Leapmotor, which has expanded into global markets, including Europe, on the back of its partnership with Stellantis and its sales network, just posted record numbers for the first half of 2026. Once you see how cheap some of the company’s newest models are, the surge makes sense. In Germany, one of Leapmotor’s entry-level EVs can be had for just €48.90 ($56) a month, and no, that number isn’t missing a zero. That works out to less than most people spend on a monthly phone plan for an actual car with a warranty. A couple of years back, the German government pulled its EV subsidies, and sales cratered almost overnight. The incentives returned this January, knocking up to €6,000 ($6,800) off the price of a new EV for a family with at least two children and a combined income under €45,000 ($51,500). Read: Stellantis Turns A Tiny Chinese Hatch Into A Delivery Van That’s Light On The Van Part With that subsidy in play, plenty of shoppers can skip the down payment and delivery fees entirely and worry only about the monthly bill. The Leapmotor T03, which retails for €18,900 ($21,600), currently runs just €48.90 ($56) a month across a 36-month term, with mileage capped at 10,000 km (6,213 miles) per year. When the lease ends, buyers can purchase the T03 outright for €11,139 ($12,700) or hand back the keys and shop around for something else. Why Is It So Cheap? While one could argue that a family earning less than €45,000 ($51,500) shouldn’t be looking at a new car but rather a used one, being able to lease and drive one for just €1,760 ($2,010) over three years is one heck of a deal. “The vehicle’s extremely competitive pricing is made possible by Leapmotor’s high level of cost efficiency,” Leapmotor told Nikkei Asia in an interview. “One key factor behind this is the company’s extensive vertical integration. Additionally, the leasing rate, which starts at just 49 euros, is made possible by German government incentives.” Leapmotor Sales Surge Some observers figured Leapmotor was pricing the T03 this low to clear inventory, worried the compact EV would fall foul of new EU rules that require camera-based driver assistance systems, upgraded autonomous emergency braking, and enlarged head impact protection zones for pedestrians and cyclists. However, a Leapmotor spokesman has rejected this, stating the T03 complies with these new rules. Through the first half of 2026, Leapmotor has sold 356,487 vehicles globally, a 95 percent increase over the same period last year. It enjoyed a particularly strong June, selling a total of 93,376 models, also a 95 percent year-on-year increase. Since its formation, the company has sold more than 1.55 million cars. Leapmotor
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