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The companies announced this in Amsterdam and Hong Kong on Thursday night. The companies also want to establish a joint venture to manufacture and distribute automobiles outside China, 51 percent of which will be owned by Stellantis.
The aim of the collaboration is to increase Leapmotor’s sales in the highly competitive Chinese electric car market and also outside the People’s Republic. A launch is planned first in Europe. It was stated that Leapmotor’s electric car series complements Stellantis’ product range. There has been speculation for several months that Stellantis would join Leapmotor.
Last year, Stellantis boss Carlos Tavares canceled a joint venture plan with Chinese supplier GAC for Jeep production because he was unhappy with the progress of the plans.
The world’s largest car market also plays only a minor role for the multi-brand group (including Peugeot, Fiat, Chrysler, Jeep). Including unconsolidated joint ventures, Stellantis delivered approximately 90,000 cars in the Asia-Pacific region, including China and India, in the first half of 2023. For comparison: Rival Volkswagen delivered 1.45 million vehicles in China alone. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
