Leapmotor’s president and co-founder resigned, and the Chinese new energy vehicle startup will no longer have a president position, according to media reports.

Wu Baojun’s contract was terminated, Leapmotor told 21st Century Business Herald yesterday, adding that the Hangzhou-based carmaker will no longer have a president.

Wu had not been involved in Leapmotor’s business for one year, a source said. His resignation will not impact the company’s operations as he was mainly in charge of strategy and government affairs, the source added.

Leapmotor was founded in 2015 by Zhejiang Dahua Technology and its founders, including Wu, to engage in the research, development, production, and sale of NEVs. The company has five electric car models on sale now, mainly priced at between CNY100,000 and CNY250,000 (USD14,100 and USD35,300).

Wu joined Leapmotor’s team in May 2020 to take charge of business development, marketing, manufacturing, and supply chain operations. Before that, he worked for the joint ventures between China’s GAC Motor and Japan’s Toyota Motor and Honda Motor and French carmaker Peugeot.

Wu held a 1.1 percent stake in Leapmotor as of June 30 last year, according to the firm’s latest semiannual financial report. Wu received CNY43.8 million (USD6.2 million) in 2022, second only to Chairman Zhu Jiangming, who earned CNY56.4 million that year.

Leapmotor delivered 144,155 cars last year, up 30 percent from the previous year, ranking third in China among Chinese NEV startups after Li Auto and Nio but before Xpeng Motor.