AMSTERDAM/HONG KONG: Stellantis N.V. and Chinese EV startup Leapmotor have finalised the formation of Leapmotor International B.V., a 51/49 joint venture.
Based in Amsterdam, the company aims to introduce Leapmotor's T03 and C10 electric vehicles (EVs) to Europe by September, with plans to expand into India, Asia Pacific (excluding Greater China), Middle East, Africa, and South America by late 2024.
Following the launch of the first two models which were pitched as affordable cars, Leapmotor will introduce at least one new model every year in the next three years.
The partnership is designed to leverage Stellantis’ global commercial presence to boost Leapmotor’s international sales while continuing to support its growth in China.
Stellantis CEO Carlos Tavares pointed out the venture's potential to combat global warming with competitive battery electric vehicles (BEVs). That would mean the smaller of the two models, the T03, would have to be sold at under €20,000 (RM102,000) in Europe in order for it to match prices of rivals such as China's BYD Seagull.
Under the leadership of CEO Tianshu Xin, Leapmotor International aims to rapidly establish sales and distribution networks globally, with an initial focus on Europe.
“We will offer customers price-competitive and tech-centric electric vehicles that exceed their expectations,” said Tavares, who also revealed that Leapmotor cars could also be built at Stellantis plants in Europe such as the one in Tychy, Poland. He emphasised that the arrangement with Leapmotor is flexible and open to adjustments where conditions allow.
Leapmotor’s founder and CEO Jiangming Zhu said the collaboration with Stellantis would enhance Leapmotor’s global footprint, combining Leapmotor's advanced technology with Stellantis’ global resources.
Leapmotor International will introduce its EVs initially in nine European countries — France, Italy, Germany, Netherlands, Spain, Portugal, Belgium, Greece and Romania — starting in September 2024. The initial phase will establish 200 sales points, expanding to 500 by 2026.
Subsequent launches in late 2024 will target regions such as Australia, Malaysia, India, Turkey, Israel and Brazil.
Tavares and Zhu.
The C10 and T03 models exemplify Leapmotor's advanced engineering and design. The C10, built on Leapmotor's LEAP3.0 technology, offers a 420km range and a 5-star E-NCAP rating, blending family-centric design with premium driving experience.
The T03, a stylish urban commuter car, boasts a 265 km range and ranked first in the JD Power Initial Quality Study for small BEVs.
Leapmotor International aims to complement Stellantis’ existing portfolio, bringing affordable and advanced mobility solutions to a global market.
In October 2023, Stellantis announced a €1.5 billion (RM7.6bil) investment to acquire 21% of Leapmotor.
This investment also outlined the creation of Leapmotor International, granting it exclusive rights to manufacture and sell Leapmotor products outside Greater China.
