According to persons acquainted with the situation, Stellantis NV is seeking a partnership with a Chinese electric car manufacturer.
As the continent’s second-largest automaker by sales looks to increase its footprint in the largest auto market in the world.
According to the persons, who requested anonymity since the conversation is personal. The automaker has looked at the possibility of collaborating with Chinese EV manufacturers like as Zhejiang Leapmotor Technologies Ltd.
Stellantis is considering possibilities including investing in a regional EV company and forming a commercial. Alliance that would enable it to expand in China, following in the footsteps of its competitors.
The individuals spoke on condition of anonymity.
Since the topic is private, but they added that the automaker has looked. The possibility of collaborating with Chinese EV manufacturers, such as Zhejiang Leapmotor Technologies Ltd.
Following in the footsteps of its competitors, Stellantis Weighs Tie-Up With EV Maker is reportedly considering possibilities including investing. In a regional EV company and forming a commercial alliance that would aid in its expansion into China.
Thursday was the largest intraday rise in more than four months for Leapmotor shares, rising as much as 11.4% in Hong Kong. As of 10.25 a.m., the shares had increased 10.49%, valuing the company at $5.2 billion.
The folks said that no final choices have been made and that considerations are still ongoing. One of the sources claimed that Volkswagen AG and other major automakers had shown interest in partnering with Leapmotor.
Stellantis Weighs Tie-Up With EV Maker
In September 2022, Leapmotor raised $803 million with a Hong Kong initial public offering. In the face of intense competition among emerging EV producers, its shares are currently selling more than 20% below the IPO price.
Stellantis and VW spokespeople declined to comment, while a Leapmotor representative did not return calls seeking comment.
After the company’s decision to cease operations at its sole Jeep facility in China last year and perhaps ceasing all car production there, Stellantis Weighs Tie-Up With EV Maker CEO Carlos Tavares has floated.
An “asset-light” approach in China that would be compatible with a partnership. In July, Tavares stated that he is OK with his decision to downsize and claimed that rivals General Motors and Volkswagen are “under pressure” in China as a result of pricing reductions by automakers.
With Dongfeng Motor Group Co. Stellantis Weighs Tie-Up With EV Maker continues to operate a joint venture for the sale of Peugeot and Citroen automobiles in China.
Understanding China is crucial due to the country’s significance in the transition to EVs, according to the incoming chief financial officer of the automaking.
Giant that will be created by the 2021 combination of Fiat Chrysler and France’s PSA Group.
China EV sales have caught the attention of international automakers looking to grow in the second-largest economy in the world.
Last month, VW announced plans to invest $700 million in Xpeng Inc. Collaborate on the development of electric vehicles in China.
According to persons acquainted with the situation, Stellantis NV is seeking a partnership with a Chinese electric car manufacturer. As the continent’s second-largest automaker by sales looks to increase its footprint in the largest auto market in the world.
The folks said that no final choices have been taken and that considerations are still ongoing. One of the sources claimed that Volkswagen AG and other international. Automakers have shown interest in working with Leapmotor in the future.