Stellantis buys $2.5b stake in Chinese EV start-up Leapmotor
Deal could see Leapmotor electric cars sold throughout Europe – and possibly even AustraliaStellantis has snapped up a $US1.6 billion ($A2.5b) stake in Chinese EV start-up Leapmotor, with the deal paving the way for Leapmotor electric cars to potentially be sold throughout Europe – and possibly even Australia, if the business case stacks up.
The pay-off for Stellantis is that the auto giant – which owns a vast group of brands including Peugeot, Opel, Fiat, Alfa Romeo and Jeep, among others – will get access to Leapmotor’s advanced EV technology that should fast-forward the development of its own EVs.
Stellantis expects all of its sales in Europe to be EVs by 2030.
Full details of the deal, which sees Stellantis take a 20 per cent stake in Leapmotor, have yet to be made public.
Leapmotor EVs could be sold via Stellantis’ extensive global dealer network, but it’s not yet known which Stellantis brand will be tasked with adopting the Chinese brand, which currently has five models in its stable – two SUVs, a sporty coupe, city car and a mid-size sedan.
Founded just seven years ago, Leapmotor has shown rapid growth and last year sold 111,000 cars.
Commenting on the deal, Stellantis boss Carlos Tavares said: “The Chinese offensive is visible everywhere.
“With this deal we can benefit rather than being the victims of it.”
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