Stellantis partners with Leapmotor to export Chinese-made EVs to Europe, aiming for budget-friendly models.

From CNBC: 2024-05-14 09:04:42

Stellantis partners with Leapmotor to expand sales of China-made electric vehicles globally, starting in Europe this year. The joint venture aims to launch at least six EVs by 2027, focusing on budget-friendly models. Stellantis CEO Tavares cites new American tariffs as a reason for avoiding U.S. distribution for now.

The increasing presence of Chinese EVs in Europe prompts the EU to offer support for the industry. Leapmotor CEO believes partnership with Stellantis will boost the company’s reputation globally. Despite a 30% increase in deliveries in 2023, sales volume expectations for Leapmotor vehicles sold through Stellantis are not disclosed.

Stellantis owns 51% of the joint venture with Leapmotor, investing 1.5 billion euros for a 21% stake in the company. The agreement grants Stellantis exclusive rights for export, sale, and manufacturing of Leapmotor products outside of Greater China. Chinese companies are expected to rapidly grow internationally, even without joint ventures.



Read more at CNBC: Stellantis to export China-made EVs to Europe via Leapmotor deal