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Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM) and Leapmotor (Zhejiang Leapmotor Technologies Ltd (9863.HK) yesterday announced that the two companies have received all required authorizations. The formation of Leapmotor International B.V., a 51%/49% Stellantis-led joint venture, is now complete. The notice was made as the US escalated its tariffs and sanctions against Chinese made EVs, batteries and other industrial products.
“The creation of Leapmotor International is a great step forward in helping address the urgent global warming issue with state-of-the-art BEV models* that will compete with existing Chinese brands in key markets around the world,” said Stellantis CEO Carlos Tavares. “Leveraging our existing global presence, we will soon be able to offer our customers price competitive and tech-centric electric vehicles that will exceed their expectations.”
Headquartered in Amsterdam, the management team is topped by CEO Tianshu Xin, a former Stellantis China executive. Leapmotor said it is planning the introduction of the T03 and C10* first in the European markets and expanding to India & Asia Pacific (excluding Greater China), Middle East & Africa, and South America starting in the fourth quarter 2024.
