Stellantis N.V. (NYSE:STLA) and Leapmotor announced the completion of their joint venture,Leapmotor International B.V., following necessary approvals.
The venture, led by CEO Tianshu Xin, a former Stellantis China executive, plans to introduce the T03 and C10 electric vehicles in European markets initially, with expansion plans across multiple regions.
In 2023, Stellantis invested approximately €1.5 billion to acquire around 21% equity in Leapmotor, a top-ranked Chinese EV startup.
The partnership formed Leapmotor International, aiming to boost sales globally, excluding Greater China, leveraging Stellantis’ commercial presence.
Stellantis CEO Carlos Tavares emphasized the venture’s role in addressing climate issues with competitive electric vehicle models.
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Leapmotor Founder and CEO Jiangming Zhu highlighted the partnership’s efficiency in integrating China’s EV industry globally, aiming for world-class status.
Leapmotor International is planning to start operations in nine European countries by September 2024 through 200 points of sales by the end of the year with plans to expand to India & Asia Pacific, Middle East & Africa and South America starting in the fourth quarter.
The C10, built on LEAP3.0 technology, offers premium features and safety standards, while the T03 targets urban commuters with its compact design and efficient range.
The C10, recognized for its design and safety features, promises a family-centric driving experience with a WLTP range of 420 km.
The T03, a compact urban car, boasts a JD Power No. 1 ranking in small BEV segment initial quality study.
Price Action: STLA shares were up 2.6% at $23.24 at last check Tuesday.
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