Jeep maker Stellantis plans to invest 1.5 billion euros in Chinese EV manufacturer Leapmotor

The Associated Press

BANGKOK (AP) — Stellantis says it plans to invest about 1.5 billion euros, or about $1.6 billion, in Leapmotor, a Chinese electric vehicle manufacturer. The European-based maker of Jeep and Ram and Leapmotor said in a statement late Wednesday that they have formed a strategic partnership and joint venture that aims to expand the Chinese EV maker’s global sales. Stellantis 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. The companies said the 51% Stellantis-led joint venture will have exclusive rights to export and sell Leapmotor’s vehicles outside China.