Amsterdam-headquartered multinational automaker Stellantis plans to invest some €1.5 billion to acquire 20% of Chinese EV maker Leapmotor. Stellantis will take two seats on Leapmotor’s board of directors.
The deal also outlines the formation of Leapmotor International, a Stellantis-led joint venture that will have exclusive rights to the export and sale of Leapmotor products as well as to their manufacture outside Greater China.
The partnership aims to increase Leapmotor sales in China and also accelerate its sales in other regions, starting with Europe. Stellantis further intends to leverage Leapmotor’s cost-efficient EV ecosystem in China to help meet its Dare Forward 2030 electrification targets and bring more affordable EVs to global customers. The joint venture expects to begin shipments in the second half of 2024.
“We feel it’s the perfect time to take a leading role in supporting the global expansion plans of Leapmotor,” said Stellantis CEO Carlos Tavares. “Through this strategic investment, we can address a white space in our business model and benefit from Leapmotor’s competitiveness both in China and abroad.”