On October 26th, we learned from the official information of Stellantis Group that Stellantis N.V. (hereinafter referred to as “Stellantis Group”) and Zhejiang Leapmotor Technology Co., Ltd. (hereinafter referred to as “Leapmotor”) announced today that Stellantis Group plans to invest approximately 1.5 billion euros to acquire approximately 20% equity of Leapmotor, which will make Stellantis Group an important shareholder of Leapmotor.
This transaction also confirms that Stellantis Group and Leapmotor will establish a joint venture called “Leapmotor International” in a ratio of 51% to 49%. Except for the Greater China region, the joint venture company has the exclusive right to export and sell to all other markets worldwide, as well as the exclusive right to manufacture Leapmotor models locally.
The partnership not only aims to further increase the sales of Leapmotor in China, the world’s largest automotive market, but also relies on the mature commercial layout of Stellantis Group in other global markets to vigorously increase the sales of Leapmotor brands in the local market, starting from the European market. Stellantis Group plans to leverage Leapmotor’s highly innovative and cost-effective electric vehicle ecosystem to help Stellantis achieve its electrification goals in the “Dare Forward 2030” strategic plan. At the same time, both parties may further explore mutually beneficial synergies. It is expected that the joint venture of “Leapmotor International” will begin its export business in the second half of 2024.
Both parties believe that the electric vehicle products of Leapmotor complement the existing technology and brand product portfolio of Stellantis Group, and they will bring more cost-effective travel solutions to global customers. Stellantis Group will have 2 seats on the board of directors of Leapmotor, and will appoint the CEO of the “Leapmotor International” joint venture company by Stellantis Group.
Leapmotor delivered 111,000 vehicles in 2022. Over the next three years, Leapmotor will build a compact to large “pure electric + extended range dual power” intelligent vehicle based on one technical architecture and three vehicle platforms. Leapmotor is the world’s first new energy vehicle company to adopt CTC battery chassis integration technology on mass-produced models. This year, the “Four Leaf Clover” (LPEE3.0) centralized electronic and electrical architecture has achieved seamless and efficient collaboration between core components of intelligent electric vehicles.