Stellantis will add a new brand to its extensive portfolio of European brands next year. This brand will focus on affordability and will specialize in selling electric cars. We are talking about the Chinese automaker Leapmotor, which recently sold a 20% stake to Stellantis for 1.5 billion euros.
In this manner, Stellantis aims to enter the low-cost electric car market.
Stellantis is expanding its European brand lineup with Leapmotor
Stellantis already boasts a diverse portfolio, comprising 16 brands, a result of the merger between Fiat Chrysler Automobiles and Groupe PSA, culminating in the formation of Stellantis. These brands include Abarth, Alfa Romeo, Chrysler, Citroen, Dodge, DS Automobiles, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Mopar, Opel, Peugeot, Ram, and Vauxhall. Despite this diversity, a new brand will join the lineup next year.
Stellantis will introduce a new budget-friendly brand to its European portfolio in 2024, with a specific focus on relatively affordable electric cars. Stellantis will market Leapmotor‘s electric cars in Europe. This news was reported by Automotive News recently based on a conversation with Natalie Knight, Stellantis’ CFO. According to Knight, Stellantis will target customers who don’t want to overspend but still desire the best technology, with Leapmotor‘s electric vehicles.
It’s important to note that Stellantis recently announced a close collaboration with Leapmotor. At that time, they confirmed that both automakers would establish, among other things, a joint venture based in the Netherlands called Leapmotor International, with Stellantis holding a 51% stake. This partnership is expected to facilitate the export of Leapmotor products to countries outside of China and their production beyond China’s borders. Given the partnership’s name, it’s evident that the Chinese brand will also make its appearance in Europe. Therefore, the new Stellantis brand isn’t entirely owned by Stellantis, as Leapmotor itself holds a 49% stake. By 2030, the partnership aims to sell around 500,000 cars annually outside of China.