Leapmotor International, a new joint venture between Chinese electric vehicle (EV) manufacturer Leapmotor and European automotive giant Stellantis NV, has been officially unveiled, heralding the arrival of Leapmotor vehicles in global markets.
The joint venture was announced today at a joint press event, with plans to commence vehicle sales in Europe starting in September.
Initially targeting markets such as Belgium, France, Italy, Germany, Greece, the Netherlands, Romania, Spain, and Portugal, Leapmotor International aims to expand its European sales network to 200 outlets by year-end. The venture will then look to enter South America, the Middle East, Africa, and the Asia-Pacific region in the fourth quarter.
Zhu Jiangming, founder, chairman, and CEO of Leapmotor, outlined the company’s updated business model following Stellantis’ investment. In China, Leapmotor will leverage its internal research and development capabilities to launch two to three new products annually for the next three years. Overseas, the company will leverage its own lineup as well as Stellantis’ extensive network of over 10,000 dealers worldwide. Furthermore, Leapmotor’s parts business is expected to expand, with plans to supply other manufacturers.
Stellantis’ investment of 1.5 billion euros ($1.6 billion) in Leapmotor for a roughly 20% stake, announced on October 26, 2023, solidifies its position as the largest external shareholder in the Chinese EV maker. The joint venture, with Stellantis holding a 51% stake and Leapmotor the remaining 49%, will have exclusive rights for exporting and selling Leapmotor vehicles globally (excluding Greater China) and for local manufacturing of Leapmotor products.
Zhu Jiangming expressed enthusiasm for the joint venture, stating, “We are thrilled to collaborate with Stellantis to bring Leapmotor’s innovative electric vehicles to a global audience. This partnership will help us accelerate our expansion and deliver our cutting-edge products to customers worldwide.”
