Leapmotor gets US$1.6 billion investment from Jeep, Fiat owner as global carmaking giants bet on China’s heft in building electric vehicles

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Stellantis, formerly Fiat Chrysler, will buy a 20 per cent stake in the Chinese electric-car maker

They plan to set up a joint venture to explore markets outside mainland China, of which Stellantis will own 51 per cent

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Employees work on the assembly line of a Leapmotor factory in Jinhua, Zhejiang Province. Photo: VCG via Getty Images

Daniel Renin Shanghai

Published: 3:09pm, 26 Oct 2023Updated: 3:20pm, 26 Oct 2023

Chinese electric vehicle (EV) producer Leapmotor is to receive a €1.5 billion (US$1.58 billion) investment from Stellantis, formerly Fiat Chrysler, in the latest vote of confidence from a global carmaking giant in the mainland’s EV industry.

The two companies said on Thursday that Stellantis, which owns popular international brands including Peugeot, Fiat and Jeep, will take a roughly 20 per cent stake in Leapmotor.

They plan to set up a joint venture to explore markets outside mainland China, of which Stellantis will own 51 per cent.

“The partnership aims to further boost Leapmotor’s sales in China, the biggest market in the world, while leveraging Stellantis’ established global commercial presence to significantly accelerate Leapmotor brand sales in other regions, starting with Europe,” the two carmakers said in a joint statement.

“The two companies consider Leapmotor’s EV product offering to be complementary to Stellantis’ current technology and portfolio of iconic brands and will bring more affordable mobility solutions to global customers.”

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The venture, to be called Leapmotor International, will focus on promoting the Chinese company’s cars by leveraging Stellantis’ global resources, the statement said.

Leapmotor gets US$1.6 billion investment from Jeep, Fiat owner as global carmaking giants bet on China’s heft in building electric vehicles

Stellantis, formerly Fiat Chrysler, will buy a 20 per cent stake in the Chinese electric-car maker They plan to set up a joint venture to explore markets outside mainland China, of which Stellantis will own 51 per cent

Stellantis, formerly Fiat Chrysler, will buy a 20 per cent stake in the Chinese electric-car maker

They plan to set up a joint venture to explore markets outside mainland China, of which Stellantis will own 51 per cent