What?
Leapmotor International, a joint venture between Chinese electric vehicle maker Leapmotor and Europe’s second-largest automaker, Stellantis NV, has been officially launched. The joint venture aims to kickstart sales of Leapmotor vehicles in Europe starting in September, with plans to expand into other regions such as South America, the Middle East, Africa, and Asia Pacific by the fourth quarter of this year. With an investment from Stellantis, Leapmotor is updating its business model to focus on product development in China, utilizing its own products and Stellantis’ extensive dealer network for global market penetration, and scaling up its parts business for sales to other manufacturers.
Why does it matter?
The collaboration between Leapmotor and Stellantis signifies a strategic move to leverage each other’s strengths in the electric vehicle market. Stellantis’ investment of 1.5 billion euros in Leapmotor solidifies its position as the largest outside shareholder in the Chinese EV maker and paves the way for accelerated global expansion through Leapmotor International. By combining resources, both companies aim to capitalize on Stellantis’ global reach and Leapmotor’s innovative products to drive sales and strengthen their presence in key markets worldwide.
How is it going to shape the future?
The formation of Leapmotor International marks a significant step towards establishing a strong foothold in the European electric vehicle market and beyond. By beginning sales in Europe and later expanding into other regions, Leapmotor and Stellantis are positioning themselves for substantial growth and market share in the competitive EV industry. The joint venture’s exclusive rights for export and manufacturing of Leapmotor products signal a focused approach to capturing key markets globally. As Leapmotor continues to develop new products and explore partnerships, the collaboration with Stellantis sets the stage for an exciting future of innovation, expansion, and success in the electric vehicle sector.
Source: https://cnevpost.com/2024/05/14/leapmotor-stellantis-jv-formed-to-begin-sales-europe-sept/