The company aims to set up 200 sales outlets in Europe by the end of 2024 and intends to broaden its product offerings into the Middle East, Africa, Asia Pacific, and South America towards the end of 2024.
Leapmotor International, a joint venture predominantly led by Stellantis with a 51/49 ownership split between Stellantis and Leapmotor, is making significant strides in the global electric vehicle (EV) market. This partnership underscores a strategic expansion into international territories, highlighted by the recent shipment of the first batch of Leapmotor C10 SUVs and T03 cars from Shanghai to Europe this month. Stellantis CEO Carlos Tavares remarked on the milestone that the shipment of Leapmotor C10 and T03 vehicles to Europe this month is a landmark moment in the partnership between Stellantis and Leapmotor. He further added that this demonstrates their commitment to providing innovative, affordable, and sustainable mobility solutions to our customers.
This venture is particularly notable as Leapmotor, established in 2015, has emerged as the fourth largest Chinese new energy vehicle (NEV) startup by sales as of June 2024. The company boasts sales exceeding 400,000 EVs within China alone, as reported by Leapmotor founder, chairman, and CEO Zhu Jiangming. He highlighted the competitive edge of their products in the robust Chinese market by saying that China is the biggest and most competitive EV market in the world, and their products have proved their value by being acclaimed by the local customers.
The EV models shipped to Europe—the T03 hatchback and the C10 SUV—are designed to meet international standards and are poised to be introduced in India later this year. Both models integrate advanced EV technology to deliver exceptional performance, efficiency, and range. The C10, being Leapmotor’s first global product, offers a family-centric D-segment vehicle with a 420km WLTP range. In contrast, the T03 caters to urban commuters with a compact five-door design and a 265km WLTP range.
Further strengthening its international presence, Leapmotor International plans to expand its sales network in Europe to 500 outlets by 2026, up from the 200 projected by the end of 2024. This expansion is part of a broader strategy to enhance service levels across its markets and introduce at least one new model annually over the next three years.
Looking ahead, Leapmotor’s entry into the Indian EV market in the fourth quarter of 2024 represents a critical step in its global strategy. Tavares has indicated potential local manufacturing in India to counter high import duties, although a final decision is pending. This move is aligned with Stellantis and Leapmotor’s goal to adapt to regional markets and optimize their global footprint. The joint venture, Leapmotor International, formed in early May 2024, exemplifies the collaborative efforts to explore and capture the international EV market, signalling a transformative era in electric mobility in Europe and beyond.
