Leapmotor announced this morning that Stellantis Group plans to invest approximately 1.5 billion euros and become its strategic shareholder to enhance Leapmotor's global electric vehicle business. After the completion of this transaction, Stellantis Group will obtain approximately 20% of the equity of Leapmotor and will have 2 seats on the board of directors of Leapmotor.
At the same time, the two companies will establish a joint venture company called "Leapmotor International" at a ratio of 51%:49%, and Stellantis Group will appoint the CEO of the joint venture company "Leapmotor International". With the exception of Greater China, the joint venture has the exclusive right to export and sell to all other markets around the world, as well as the exclusive right to manufacture Leap Auto products locally.
It is reported that Stellantis Group plans to use Leapmotor's highly innovative and cost-effective electric vehicle ecosystem to help Stellantis achieve the electrification goals in the "Dare Forward 2030" strategic plan. At the same time, the two parties may also further explore mutually beneficial synergies. It is expected that the "Leapao International" joint venture will start export business in the second half of 2024.
The two parties believe that Leapmotor's electric vehicle products are complementary to Stellantis Group's existing technology and brand product portfolio, and they will bring more cost-effective travel solutions to global customers.
It is understood that the Stellantis Group was established in early 2021 by the merger of the former Peugeot Citroën Group and the former Fiat Chrysler Group. It currently has 14 automobile brands and 2 mobility service units. It currently has customers in more than 130 countries around the world and has manufacturing operations in more than 30 countries.
Data shows that in 2022, Stellantis Group sold more than 6 million cars globally, achieving net revenue of 179.6 billion euros and net profit of 16.8 billion euros. In the first half of 2023, Stellantis Group's net revenue was 98.4 billion euros and net profit was 10.9 billion euros.