Louis Goss is a MarketWatch reporter based in London.
Stellantis, Europe’s second biggest car manufacturer, is closing in on an agreement to buy a 20% stake in Chinese EV specialist Zhejiang Leapmotor Technologies, in a deal estimated to be worth upwards of $1 billion.
If completed, Stellantis’ purchase could cost the carmaker upwards of $1 billion, with shares in Hong Kong-listed Leapmotor having surged 25% in 2023 so far. Leapmotor currently has a market cap of $5.4 billion. A joint venture company with Leapmotor, which was first founded in 2015, would also give Stellantis access to the Hangzhou firm’s parts and certain technologies.
In July, the world’s top car manufacturer Volkswagen outlined plans to pay $700 million for a 5% stake in XPeng Motors with a view to developing two new cars for middle class Chinese consumers by 2026.
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