Stellantis resets China strategy with $1.6 billion stake in EV firm Leapmotor
© Reuters. FILE PHOTO: The Stellantis logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo) Technology for $1.6 billion, it said on Thursday, in a reset of its China strategy to focus on EVs after years of poor sales and manufacturing pullback in the world's biggest auto market.
"Leapmotor and Zhu’s leadership bring a unique profile of good management of the financials of the company, a flexible mind and a strong willingness to grow around the world. This is a race on speed. We can help to enhance the speed," he said, seated beside Leapmotor CEO Zhu Jiangming. Asked about how the Leapmotor partnership was different from its tie-ups with Dongfeng and GAC, Tavares said it was better for a Chinese entity to lead the way in the Chinese market.
Zhu said they had been in contact with many automakers this year and found that their culture was aligned with Stellantis. Leapmotor ranked ninth by new energy vehicle sales in China in September, according to data from the China Passenger Car Association.
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