Stellantis to invest in Chinese EV manufacturer

( ) -q-26- UNDATED (Correspondent Jeremy House) “stake in Leapmotor.”

Stellantis says it plans to invest about 1.5 billion euros, or about $1.6 billion, in Leapmotor, a Chinese electric vehicle manufacturer.

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TAG: Correspondent Jeremy House reporting. The companies said the 51% Stellantis-led joint venture will have exclusive rights to export and sell Leapmotor’s vehicles outside China.

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VERBATIM: The two companies said they have formed a strategic partnership and joint venture that aims to expand the Chinese EV maker’s global sales. Stellantis, the European-based maker of Jeep and Ram said it will benefit from Leapmotor’s “tech-first EV ecosystem” in China to meet its own targets for shifting to electric vehicles. The investment will give Stellantis an approximately 20% stake in Leapmotor.