Leapmotor and Stellantis are gearing up to make a big announcement next week, as they are reportedly set to unveil the formation of their joint venture, Leapmotor International. Following an agreement reached last October, which saw Stellantis investing 1.5 billion euros in Leapmotor for a 20% stake, the two companies are now ready to take their partnership to the next level.
What?
The chairman of Leapmotor, Zhu Jiangming, and the CEO of Stellantis, Carlos Tavares, are expected to make a joint appearance at a press conference to officially announce the establishment of Leapmotor International. This joint venture will see Stellantis taking a 51% stake, with Leapmotor holding the remaining 49%. The collaboration aims to leverage Stellantis’ global resources to enhance the sales and reach of Leapmotor’s electric vehicles on a worldwide scale.
Why does it matter?
The partnership between Leapmotor and Stellantis marks a significant move in the electric vehicle industry, bringing together the expertise and resources of a Chinese EV company and one of Europe’s largest automakers. With the formation of Leapmotor International, the companies are poised to accelerate the production and expansion of Leapmotor’s product line, with plans to manufacture vehicles locally and to export globally, excluding Greater China.
How is it going to shape the future?
With the establishment of Leapmotor International, the joint venture is set to play a pivotal role in driving the growth and presence of Leapmotor in the global market. The exclusive rights granted to the joint venture for export, sales, and local manufacturing signify a strategic partnership that aims to capitalize on the strengths of both companies. Moreover, the recent approval from Chinese regulators and the upcoming production of small EVs at a Stellantis plant in Poland signal a promising future for Leapmotor’s expansion and innovation in the electric vehicle sector.
In conclusion, the collaboration between Leapmotor and Stellantis through the formation of Leapmotor International heralds a new chapter in the realm of electric vehicles, combining Chinese ingenuity with European automotive expertise to forge a path towards sustainable mobility on a global scale.
Source: https://cnevpost.com/2024/05/08/leapmotor-stellantis-may-announce-jv-next-week/