Stellantis and Leapmotor Established a Joint Company for Electric Vehicles
Stellantis continues its attack in the electric vehicle sector. The automobile giant, which recently introduced its new electric models, has now partnered with Leapmotor, one of China's leading electric vehicle manufacturers. Stellantis acquired 1.6 percent of Leapmotor's shares for $21 billion.
With this partnership, the two companies will establish a company for the European market. This company will be headquartered in the Netherlands and Stellantis will have a 51 percent share. The company will be responsible for all of Leapmotor's activities outside China.
Stellantis CEO Carlos Tavares said that this partnership will increase competition in the electric vehicle market. Tavares said, “The initiatives of Chinese brands can now be clearly seen. "With this partnership, we aim to take advantage of this strong wave, instead of being a victim of these initiatives," he said.
The first products of the Netherlands-based partner company will be available in Europe in the second half of 2024. There will be three representatives from Stellantis and two representatives from Leapmotor on the company's board of directors.
Leapmotor CEO Zhu Jiangming stated that this partnership will strengthen Leapmotor's position in the global market. Jiangming said, “We have been talking to different brands for a long time, but we found harmony with Stellantis. "Together with Stellantis' experience and Leapmotor's innovation, we will make a difference in the electric vehicle industry," he said.
Ulu Motor is the distributor of the Leapmotor brand in Turkey. The only model of Leapmotor on sale in Turkey is the small electric vehicle called T03.