Stellantis Joins Forces with Leapmotor for Global Electric Vehicle Push
Leapmotor, a Chinese startup established in 2017, specializes in producing combustion and electric vehicles across key market segments. In August 2023, Stellantis became a major stakeholder in the company, acquiring 20 percent of its shares for 1.5 billion euros (approximately 1.65 billion US dollars).
4:32 AM EST, March 7, 2024
The partnership is now advancing to its next stage. The Chinese National Development and Reform Commission has greenlighted the formation of a joint venture company. Stellantis will be the exclusive producer and distributor of Leapmotor's offerings outside China.
Under the terms of the agreement, Stellantis will own 51 percent of the shares in a company based in the Netherlands. This setup allows Stellantis to present European consumers with affordable electric vehicles. The goals are lofty: the company aims to sell half a million cars outside China by 2030.
Stellantis plans to do more than distribute Leapmotor's innovations; it also aims to integrate these technologies into its unique projects. Carlos Tavares highlighted that Stellantis could develop models based on Leapmotor's solutions and offer them in markets like Europe and South America.
A few days before this announcement, Volkswagen revealed a similar strategy. However, it focuses on strengthening its presence in Asia by incorporating Xpeng's technologies into its lineup.
