Leapmotor Forms JV With European Auto Firm To Foray Into India

Leapmotor Forms JV With European Auto Firm To Foray Into India

Chinese auto-maker Leapmotor has announced that it has formed a joint venture with Europe-based vehicle company Stellantis as it plans to step into the Indian market. Leapmotor International BV, a Stellantis-led joint venture, will now be introducing T03 and C10 first in the European markets and expanding to India & Asia Pacific (excluding Greater China), Middle East & Africa, and South America starting in the fourth quarter of 2024, said the statement by Leapmotor.

In October 2023, the two companies announced a Stellantis investment of €1.5 billion to acquire approximately 21% equity in Leapmotor. The deal also outlined the formation of Leapmotor International, which would have exclusive rights for the export and sale, as well as manufacturing, of Leapmotor products outside Greater China. The partnership aims to further boost Leapmotor’s sales in China, the biggest market in the world, while leveraging Stellantis’ established global commercial presence to significantly accelerate Leapmotor brand sales in other regions.

“The creation of Leapmotor International is a great step forward in helping address the urgent global warming issue with state-of-the-art BEV models that will compete with existing Chinese brands in key markets around the world,” said Stellantis CEO Carlos Tavares. He further added, “Leveraging our existing global presence, we will soon be able to offer our customers price-competitive and tech-centric electric vehicles that will exceed their expectations. Under Tianshu Xin’s leadership, they have built a compelling worldwide commercial and industrial strategy to quickly ramp up the sales distribution channels to support Leapmotor’s robust growth and create value for both partners.”

“The partnership between Leapmotor and Stellantis demonstrates a high level of efficiency, opening a new chapter in the global integration of China’s intelligent electric vehicle industry,” said Leapmotor Founder, Chairman, and CEO Jiangming Zhu. He further added, “Leveraging Leapmotor’s cutting-edge technology and products, along with Stellantis’ support in areas such as overseas channels, services, and marketing, we hope that users around the world can experience the exceptional driving and riding experience brought by Leapmotor products. We believe that this cooperation can give Leapmotor a boost to become a respected world-class intelligent electric vehicle company.”

Leapmotor International’s EV product offering is considered complementary to Stellantis’ current technology and portfolio of more affordable mobility solutions for global customers. Leveraging Stellantis distribution channels, the launch plan will begin in Europe – France, Italy, Germany, Netherlands, Spain, Portugal, Belgium, Greece, and Romania – starting in September 2024 supported by dedicated country managers and 200 points of sales by the end of the year, including Stellantis.