The Stellantis-backed Leapmotor is set to enter India in the final quarter of 2024, as the Chinese electric carmaker looks to grow out of its home turf.
Zhejiang Leapmotor Technology Co. and Stellantis BV have formed a joint venture called Leapmotor International BV to expand into global markets—first into Europe by September, and then India by October-December, according to a statement. The company will enter Asia Pacific, Middle East and Africa, and South America around the same time.
The T03 and C10 electric cars will launch first with at least one new model to be introduced every year for the next three years.
“The partnership between Leapmotor and Stellantis demonstrates a high level of efficiency—opening a new chapter in the global integration of China's EV industry,” Jiangming Zhu, founder-chairman and chief executive at Leapmotor, said in the statement. “We believe that this cooperation can give Leapmotor a boost to become a respected world-class intelligent electric vehicle company.”
Founded and headquartered in Hangzhou, China, Leapmotor has quickly become the third-largest electric carmaker in the world's largest EV market. In 2023, Stellantis—the holding company of brands like Fiat and Jeep—acquired 20% stake in the company to sell Leapmotor cars in Europe.
Leapmotor International, the Stellantis-led joint venture, is headquartered in Amsterdam and led by its Chief Executive Officer Tianshu Xin—a former Stellantis China executive.
“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.”
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