In a strategic move to bolster its presence in the electric vehicle (EV) market, Stellantis is set to announce the official launch of a joint venture with Chinese OEM Leapmotor. The venture, named Leapmotor International, aims to market Leapmotor’s China-built EVs worldwide, with a particular focus on Europe and potentially the US.
This development marks the culmination of a journey that began last fall when Stellantis acquired a 20% stake in Leapmotor for 1.5 billion euros ($1.6 billion). This investment paved the way for the joint venture, in which Stellantis will hold a controlling 51% stake.
After gaining regulatory approval in China, Stellantis secured exclusive rights to produce, export, and sell Leapmotor-branded EVs outside of China. This groundbreaking deal positions Stellantis as the first Western automaker to secure such rights with a Chinese partner.
The joint venture’s formation is set to be formally announced at a press conference next week, where Leapmotor chairman Zhu Jiangming and Stellantis CEO Carlos Tavares are expected to unveil the venture’s core team. The venture has already established its executive team, as revealed by images shared on Leapmotor’s Weibo page earlier this year.
Looking ahead, plans are underway to commence EV production in Europe, specifically in Italy, with production potentially starting as early as 2026. The venture aims to produce 150,000 vehicles per year initially, with ambitious plans to sell around 500,000 Leapmotor-branded cars globally by 2030.
