(Yicai Global) Jan. 4 -- Chinese electric carmaker Leap Motor has unveiled its first ever vehicle, an affordable coupe costing just CNY110,000 (USD16,000) after subsidies, as it plans to deliver 10,000 of the motors this year.

The Zhejiang-based firm showed off the S01 in Beijing yesterday. There are four versions of the twin-door four seater, with a range of either 300 or 380 kilometers under the New European Driving Cycle standards. It will retail from between CNY189,900 and CNY229,900 -- but cost closer to CNY110,000 to CNY149,000 once discounts are applied.

Leap plans to start delivering the cars, made by another electric vehicle manufacturer Changjiang Automobile, from the second quarter, the firm said. It lacks its own license to produce cars, but hopes to have its own factory up and running in its home province this quarter, said Vice President Zhao Gang, who was an 18 year stalwart of telecoms equipment giant Huawei before joining the carmaker. The new plant will be able to make 50,000 units a year at the early stages, he added.

The company reached a CNY8 billion (USD1.2 billion) valuation after a CNY2.5 billion funding round in November, led by Shanghai Electric Hong Kong and with support from Industrial Securities Asset Management, Ningbo Sequoia Jiesheng Equity Investment Partnership and others. It also obtained nearly CNY400 million (USD58 million) a year earlier in a series led by Sequoia Capital.

Editor: James Boynton