Stellantis and Leapmotor announced today that Stellantis intends to invest approximately 1.5 billion euros to acquire around 20% of Leapmotor, making Stellantis a significant shareholder. The agreement also outlines the formation of Leapmotor International, a 51/49 joint venture led by Stellantis, which has exclusive rights to export, sell, and produce Leapmotor products outside of China. This will mark the first global partnership in the electric vehicle sector between a leading automotive company and a Chinese NEV manufacturer.
Stellantis and Leapmotor initiate a global strategic partnership
The partnership aims to further boost Leapmotor sales in China, the world’s largest market, while leveraging Stellantis’ global commercial presence to significantly accelerate Leapmotor brand sales in other regions, starting with Europe. Stellantis plans to leverage Leapmotor’s highly innovative and cost-effective electric vehicle ecosystem in China to contribute to achieving Dare Forward 2030’s key electrification goals, with the possibility of exploring mutually beneficial synergies further. The joint venture intends to commence deliveries in the second half of 2024.
Both companies view Leapmotor’s EV product offering as complementary to Stellantis’ existing technology and iconic brand portfolio, providing more affordable mobility solutions to global customers. The automotive group, led by CEO Carlos Tavares, will have two seats on the Leapmotor board of directors and will appoint the CEO of the Leapmotor International joint venture.
Focused on the mid-high-end market segment, the largest and fastest-growing segment in China, Leapmotor delivered approximately 111,000 NEV units in 2022, positioning itself as one of the leading integrated Chinese NEV manufacturers. Over the next three years, Leapmotor’s product roadmap is expected to cover the entire range of AE segments, based on a technical architecture with three highly scalable platforms with BEV and Range Extender EV engines. We will see what other developments will come in the coming days.