Leapmotor and Stellantis to Establish Joint Venture to Accelerate and Expand the Global Sales

Leapmotor's Joint Venture with Stellantis Receives Approval from Chinese Regulator, Reports Say.

A Chinese regulator has granted approval for Leapmotor's collaboration with Stellantis, while the deal is still pending regulatory clearance in other markets, as per Reuters.

The proposed joint venture between Chinese new energy vehicle (NEV) manufacturer Leapmotor (HKG: 9863) and Stellantis NV, Europe's second-largest car maker by sales, has received approval from China's National Development and Reform Commission (NDRC), according to sources cited by Reuters on March 6. However, regulatory approval in other markets is still pending.

Leapmotor announced on October 26 last year that Stellantis would invest 1.5 billion euros ($1.6 billion) for a roughly 20 percent stake, making it the NEV maker's largest external shareholder.

The joint venture, named Leapmotor International, aims to accelerate and expand the global sales of Leapmotor's products by leveraging Stellantis' global resources. Stellantis will hold a 51 percent stake, with Leapmotor owning the remaining 49 percent. The joint venture will have exclusive rights for export and sales operations worldwide, excluding Greater China, as well as the exclusive right to locally manufacture Leapmotor products.

Yesterday, Leapmotor announced on Weibo that Leapmotor International has formed its executive team, sharing images of the team.

Leapmotor's first international model is the C10, an SUV that debuted at the Munich auto show in September 2023 and officially launched in China on March 2. Leapmotor plans to start selling vehicles in overseas markets in the third quarter of this year, with the C10 being the flagship model for international markets.

Zhu Jiangming, Leapmotor's chairman, mentioned that the company's internationalization process is progressing rapidly, with ten executives from Leapmotor International attending the C10 launch. He highlighted that a significant portion of the company's future product planning will focus on overseas markets.

By leveraging its partnership with Stellantis, Leapmotor aims to quickly access high-quality channel resources, including market expansion, parts distribution systems, and service systems.