LEAPMOTOR, which continues to innovate in the field of new energy vehicles, recently announced the establishment of a joint venture with the world's leading automobile manufacturer Stellantis Group - the executive team of LEAPMOTOR International has been formed to further promote the brand's internationalization strategy. It is reported that LEAPMOTOR International will focus on the development and sales of global models, and its first global model C10 is preparing to enter the European market.
As a technology-based intelligent electric vehicle brand under Zhejiang LEAPMOTOR Technology Co., LTD., since its establishment in 2015, LEAPMOTOR has taken independent research and development as the core, adhered to technological innovation, and committed to providing users with high-quality intelligent electric vehicles. The company has a full range of self-research and manufacturing capabilities, the business scope covers vehicle design, R & D and manufacturing, intelligent driving, motor electronic control, battery system development and vehicle networking solutions and other fields.
With the continuous changes in the global automobile market and the rapid development of new energy vehicles, LEAPMOTOR realize the importance of international development. To this end, the company actively seeks cooperation with internationally renowned automobile manufacturers to achieve technology sharing and market complementarity. The addition of the Stellantis Group has undoubtedly injected a strong impetus into the internationalization strategy of LEAPMOTOR.
The Stellantis Group, as a multinational automobile manufacturer formed by the merger of Fiat Chrysler Automobiles (FCA) and Groupe PSA, has strong research and development capabilities and market influence. The establishment of the joint venture with LEAPMOTOR Automobile is an important layout of Stellantis Group in the field of new energy vehicles, and an important embodiment of its optimism about the potential of China's new energy vehicle market.
On October 26, 2023, according to the agreement between the two parties, Stellantis Group will invest approximately 1.5 billion euros to acquire approximately 20% of the equity of LEAPMOTOR, and the two parties will establish LEAPMOTOR International in a 51% to 49% ratio. This partnership not only brings financial support to the LEAPMOTOR but more importantly brings the resources and experience of the Stellantis Group in the global market. The two sides will jointly promote the construction of global sales and service networks for LEAPMOTOR vehicles to enhance brand influence and market share.
In the planning of LEAPMOTOR International, the C10 model, as the first global model, carries an important mission. The vehicle has been carefully designed and developed to not only have outstanding performance and quality, but also meet the needs and standards of the European market. At present, the C10 model is undergoing the necessary EU market certification work to ensure that it can successfully enter the European market.
According to Zhu Jiangming, founder of LEAPMOTOR, the first countries to enter the European market will include Germany, France, Italy and Spain, and other large car consumers. These countries have mature automotive markets and large consumer groups, which are of strategic importance for LEAPMOTOR vehicles. With the gradual promotion of C10 models in the European market, the brand awareness and market share of LEAPMOTOR will be further enhanced.
In the future, LEAPMOTOR International plans to expand the C10 model to more countries, including North America, Asia Pacific and Central and East Africa. Through the continuous expansion of the sales network and service system, LEAPMOTOR will gradually become the world's well-known intelligent electric vehicle brand. At the LEAPMOTOR C10 listing and new product launch conference, Zhu Jiangming further said that LEAPMOTOR cars will begin large-scale sales in overseas markets in the third quarter of this year. In addition to the C10 model, the company will gradually launch more models suitable for overseas markets according to market demand and strategic planning.