Jeep maker Stellantis plans to invest 1.5 billion euros in Chinese EV manufacturer Leapmotor
Stellantis says it plans to invest about 1.5 billion euros, or about $1.6 billion, in Leapmotor, a Chinese electric vehicle manufacturer
BANGKOK (AP) — Stellantis plans to invest about 1.5 billion euros, or about $1.6 billion, in Leapmotor, a Chinese electric vehicle manufacturer, the companies said late Wednesday.
The European-based maker of Jeep and Ram and Leapmotor said in a joint statement that they have formed a strategic partnership and joint venture that aims to expand the Chinese EV maker’s sales both inside and outside of China.
Stellantis said it expects to benefit from Leapmotor’s “tech-first EV ecosystem” in China to meet its own targets for shifting to electric vehicles.
The investment will give Stellantis an approximately 20% stake in Leapmotor. The companies said the 51% Stellantis-led joint venture will have exclusive rights to export and sell Leapmotor’s vehicles outside China.
