Max Beier, a sales manager for China-based carmaker Leapmotor, has little doubt that the T03 electric vehicle will be the dealership’s most popular offering in May and June. After all, no other model carries a lease starting at only EUR 48.9 (USD 56.8) per month.
“It has been selling very well recently,” Beier said.
Under a new strategy to encourage green car sales, the German government is subsidizing EVs at up to EUR 6,000 (USD 6,966.2) per vehicle. A family earning less than EUR 45,000 (USD 52,246.6) a year with at least two children will receive the maximum subsidy. This will more than cover the deposit usually required in auto lease contracts, EUR 4,250 (USD 4,934.4) in this case, and the delivery fee for the car, leaving the buyer to foot only the monthly payment.
With the T03 priced at EUR 18,900 (USD 21,943.6), Leapmotor will only recover EUR 11,139 (USD 12,932.8) at the end of the 36-month lease term, a sign of its aggressive strategy. Lessees will essentially only pay EUR 1,760.4 (USD 2,043.9)—less than the price of some bicycles—to use the car for three years under the offer that lasts until the end of June.
“The vehicle’s extremely competitive pricing is made possible by Leapmotor’s high level of cost efficiency,” a Leapmotor spokesman told Nikkei Asia. “One key factor behind this is the company’s extensive vertical integration. Additionally, the leasing rate, which starts at just EUR 49 (USD 56.9), is made possible by German government incentives.”
The spokesman said the T03 is an entry-level electric model, suitable for new drivers and the elderly.
At Beier’s dealership, just one T03 remains displayed at the main entrance, while seven newly leased ones are waiting to be picked up by customers at the side of the building.
“If the car is then returned without significant scratches or other damage, and the milage limit of 10,000 kilometers per year was not breached, the buyer has effectively paid very little for a good car,” Beier said.
Leapmotor is majority-owned by European carmaker Stellantis, with the T03 built solely in China after production in Poland was stopped in March 2025. Industry observers said the move was in retaliation by Beijing for Warsaw having voted in favor of punitive European Union tariffs on Chinese EV imports.
The headline-grabbing price has precedent in France. In 2023, France launched its first subsidized leasing scheme, offering EVs to low- and middle-income households for EUR 49–150 (USD 56.9–174.2) a month. The French government plans to launch the scheme for the third time in June in response to rising gasoline and diesel prices brought on by the Iran war. The catch is that the scheme only covers the first 50,000 contracts.
There had been speculation that Leapmotor’s generosity was driven by its desire to clear its inventory of T03s, which may not comply with new regulations. Starting in July, an EU regulation will require all newly registered EVs and light commercial vehicles to have installed camera-based driver warning systems, enlarged head impact protection zones for pedestrians and cyclists, and upgrades to autonomous emergency braking.
The Leapmotor spokesman rejects this claim and said the T03 is fully compliant with the new rules.
In the run-up to the previous round of regulatory changes in 2024, German automaker Porsche was forced to withdraw the Macan model from the EU market. MG Motor, which is owned by China’s SAIC Motor, cleared its inventory of MG4s in Germany by offering buyers a second one free of charge under a leasing scheme.
An observer believes that given the volume of T03 sales in 2025, when the model accounted for 66% of all new Leapmotor registrations in Germany, it was unlikely that the company would have failed to comply with well-flagged rules.
“It would be incredibly shortsighted for the company to voluntarily forgo two-thirds of its registrations, so they have almost certainly implemented the necessary regulatory adjustments in a timely way,” said Ferdinand Dudenhoeffer, director at the Center for Automotive Research, a German think tank.
“In my estimation, what we are witnessing here is essentially a sales-driven extravaganza,” he said.
This article first appeared on Nikkei Asia. It has been republished here as part of 36Kr’s ongoing partnership with Nikkei.
Note: EUR figures are converted to USD at rates of EUR 0.86 = USD 1 based on estimates as of May 22, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.