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Chinese electric car maker Leapmotor is set to expand its global presence following a strategic partnership with Stellantis NV (NYSE:STLA), the company behind Chrysler, Fiat, Jeep, and Peugeot.
Co-founder and CEO Zhu Jiangming believes the collaboration will allow Leapmotor's electric vehicles (EVs) to reach international markets more rapidly, Bloomberg reported.
Founded in 2015, Zhejiang Leapmotor Technology Co. aims to capitalize on the shift from internal combustion engines to EVs.
Although Leapmotor delivered just over 33,000 vehicles in the first quarter, far fewer than BYD Company (OTC:BYDDY) and Tesla Inc. (NASDAQ:TSLA), its technological expertise and affordable EVs with advanced features have drawn the attention of Stellantis.
Leapmotor's C10 electric SUV, priced at 138,800 yuan ($19,100) with a 530-kilometer range, competes favorably with Tesla's Model Y.
Zhu, who previously worked at Motorola Solutions Inc. (NYSE:MSI) and founded surveillance camera company b Dahua Technology Co., attributes Leapmotor's success to its focus on electrical systems technology.
Producing core electrical components in-house allows Leapmotor to control costs and offer competitive pricing.
This vertical integration and strategic cost management attracted Stellantis, which invested $1.6 billion (1.5 billion euros) for a 21% stake in Leapmotor and formed a joint venture to distribute Leapmotor's vehicles globally.
The partnership is exploring assembly and sales of Leapmotor's T03 hatchback and C10 SUV in nine European countries, with Poland, France, and Italy as potential assembly locations.
Leapmotor's Jinhua factory currently operates at over 70% capacity, with plans for a new plant in Hangzhou's Qiantang district by 2025.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
