Stellantis and Leapmotor have announced the completion of the formation of Leapmotor International B.V., a joint venture between the two companies, with Stellantis holding a 51% stake. This joint venture, led by CEO Tianshu Xin, formerly of Stellantis China, is poised to introduce Leapmotor’s T03 and C10 electric vehicles (EVs) initially in European markets, with plans for expansion into India, Asia Pacific (excluding Greater China), Middle East & Africa, and South America.
The collaboration, initiated in October 2023 with Stellantis investing approximately €1.5 billion for a 21% equity stake in Leapmotor, aims to capitalise on the growing demand for EVs globally. With exclusive rights for export, sale, and manufacturing of Leapmotor products outside Greater China, the partnership seeks to leverage Stellantis’ established global presence to accelerate Leapmotor’s brand presence in key markets.
Stellantis CEO Carlos Tavares expressed optimism about the venture’s potential to address environmental concerns with competitive EV models. Under Tianshu Xin’s leadership, Leapmotor International has formulated a comprehensive commercial and industrial strategy to expand sales distribution channels rapidly, aiming to create value for both partners.
Leapmotor Founder and CEO Jiangming Zhu highlighted the partnership’s efficiency, emphasising its role in integrating China’s intelligent EV industry globally. The collaboration aims to combine Leapmotor’s technological prowess with Stellantis’ support in overseas channels, services, and marketing to offer customers worldwide an exceptional driving experience.
Leapmotor International’s EV lineup is seen as complementary to Stellantis’ existing portfolio, offering more affordable mobility solutions to global consumers. The launch plan kicks off in Europe, with dedicated country managers and 200 sales points by year-end, expanding to 500 by 2026 to ensure high-quality customer service.
While the European launch is set for September 2024, attention is also drawn to Leapmotor’s entry into the Indian market. As part of the expansion strategy, the company plans to introduce its EVs to India and other key markets in the Asia Pacific region. With India being a significant player in the global automotive market and showing increasing interest in EVs, Leapmotor International aims to capitalise on this trend by offering its technologically advanced and competitively priced electric vehicles.
The Indian market entry is strategically timed to tap into the growing demand for sustainable transportation solutions in the region. With its compelling product offerings and support from Stellantis, Leapmotor International is poised to make a significant impact on India’s EV landscape.