European carmaker Stellantis has announced a new joint venture with Chinese electric vehicle startup Leapmotor to introduce electric vehicles (EVs) in nine European countries starting in September. The countries where sales will commence include Belgium, France, Italy, Germany, Greece, Netherlands, Romania, Spain, and Portugal. The company plans to expand sales to South America, the Middle East, Africa, India, and the Asia Pacific region in the fourth quarter of this year.
The joint venture, named Leapmotor International, will focus on manufacturing and selling Leapmotor's electric vehicles outside of China. Stellantis will hold a 51% stake in the venture, with Leapmotor owning the remaining 49%. The initial models to be launched are the T03 and C10, with plans to introduce a new model annually over the next three years.
Stellantis CEO Carlos Tavares highlighted the strategic partnership with Leapmotor, emphasizing the potential for significant international sales growth for the models. The companies did not disclose the production location for the EVs but mentioned the importance of selecting a site with the necessary capacity, quality standards, and cost competitiveness.
Leapmotor CEO Zhu Jiangming expressed optimism about the collaboration with Stellantis, citing the opportunity to leverage the extensive overseas dealership and distribution network of the European carmaker. Zhu also noted the increasing importance for Chinese EV brands to establish global manufacturing capabilities amidst political and regional uncertainties.
The announcement comes amid escalating trade tensions between the U.S., Europe, and China, with recent plans by the Biden administration to impose new tariffs on Chinese electric vehicles and other products. Both the U.S. and Europe have raised concerns about China's alleged overproduction of electric cars and their impact on international markets.
