Stellantis has made a substantial bet on Leapmotor by investing €1.5 billion (C$2.1 billion) in the Chinese new energy vehicle (NEV) manufacturer. The investment gives Stellantis approximately 20% equity in Leapmotor, and establishes the formation of Leapmotor International, a joint venture led by Stellantis, with a 51% stake.
The partnership aims to boost Leapmotor’s sales within China while at the same time using Stellantis’ to significantly accelerate Leapmotor’s brand sales in regions beyond China, starting with Europe. With the deal Stellantis now has exclusive rights for the export, sale, and manufacturing of Leapmotor products outside Greater China.
“As consolidation unfolds among the capable electric vehicle start-ups in China, it becomes increasingly apparent that a handful of efficient and agile new-generation EV players, like Leapmotor, will come to dominate the mainstream segments in China. Through this strategic investment, we can address a white space in our business model and benefit from Leapmotor’s competitiveness both in China and abroad,” said Stellantis CEO Carlos Tavares.
Leapmotor delivered approximately 111,000 NEVs in 2022. Over the next three years, the automaker plans to expand its product lineup powered by a single technical architecture with three scalable platforms featuring battery electric vehicles (BEVs) and range extender EV powertrains.
The partnership also aims to combine Leapmotor’s product offerings with Stellantis’ existing technology and iconic brands to provide more affordable mobility solutions to global consumers. This transformative collaboration will see Stellantis secure two seats on Leapmotor’s Board of Directors, underscoring the depth of their partnership and commitment to shaping the future of EV mobility.
This is the second new joint venture for Stellantis in as many days. Earlier this week Stellantis announced another new partnership with Orano to recycle end-of-life electric vehicle (EV) batteries and industrial scrap generated from gigafactories across North America and Europe.
