On Tuesday, Stellantis announced the launch of its joint venture with Chinese electric vehicle manufacturer Leapmotor, which will begin operations in Europe in September.

The joint venture, called Leapmotor International, plans to rely initially on Stellantis' existing distribution networks in nine European countries (France, Italy, Germany, Netherlands, Spain, Portugal, Belgium, Greece and Romania).

The two partners say they aim to set up 200 sales outlets by the end of the year, before reaching the 500 mark by 2026.

The T03 small city car and the C10 compact SUV will be the first vehicles launched, followed by at least one new model every year for the next three years.

Leapmotor International then plans to launch operations, by the end of the year, in other high-growth markets such as the Middle East and Africa (Turkey, Israel and French overseas territories), India and Asia-Pacific (Australia, New Zealand, Thailand, Malaysia and India), and South America (Brazil and Chile).

The Leapmotor International project - which is managed 51/49 by Stellantis - was born in October 2023, when Stellantis unveiled an investment of nearly 1.5 billion euros to take a 21% stake in Leapmotor.

The joint venture has now received all the necessary authorizations for its launch.

Copyright (c) 2024 CercleFinance.com. All rights reserved.