Did you know that Leapmotor is the 9th largest EV manufacturer From China
On October 26th last year it was reported by Reuters that Stellantis was buying a 21 percent stake in electric vehicle (EV) manufacturer Leapmotor in a USD1.6 billion deal that will give it a better push in the Chinese domestic market which is the world’s biggest car market by sales right now.
Just last week according to Reuters, China’s National Development and Reform Commission (NDRC) gave its approval for the joint venture, adding that the deal is still waiting on regulatory approval in other markets.
Legacy international car brands are playing catch-up in the shift to electric vehicles and this strategic partnership gives new partner Stellantis access to Leapmotor’s advanced battery and motor technology.
Meanwhile, with Leapmotor, Stellantis adds its ’15th brand’ to sell attractively priced EVs globally. This also include Malaysia where Stellantis has setup a regional office and has an assembly plant in GURUN Kedah.
The partnership will help Stellantis expand its EV lineup and meet a 2030 target of EVs accounting for all of its sales in Europe and half in the U.S.
Additionally, the two companies will set up a Dutch-based joint venture called Leapmotor International. It will be controlled by Stellantis, which will have a 51 percent stake.
The joint venture targets 500,000 sales outside of China by 2030, according to Stellantis’s third-quarter results presentation, which also said that Leapmotor aims to sell 1 million units annually in China in the long term.
Meanwhile, Leapmotor delivered about 111,000 NEV units in China in 2022 (2023 figures not available).
Leapmotor, ranked ninth by new energy vehicle sales in China, has been looking to license its EV platforms and other EV assets to established foreign automakers to generate cash.
The company said last month it needed at least a five-fold increase in sales to survive in a consolidating EV industry.
So, you read it here first, Leapmotor electric vehicles will start selling in Malaysia very soon under the Stellantis umbrella and production for the sale in the ASEAN region will be in GURUN, Kedah.
So which Leapmotor EV’s will be introduced? Their first three cars from Leapmotor were the Leapmotor S01 (a 2-door sports car), the T03 (a 5-door compact hatchback), and the C11 (a 5-door 7-seater SUV). We take a guess it will be the T03 hatchback and C11 SUV coming to Malaysia this 2024.
