Chinese car manufacturers are trying in every way to avoid problems with importing electric cars to the European market, and one of the ways is production on European soil. After BYD and Chery decided to produce their cars on European soil, another Chinese company will do the same. Leapmotor has announced that it will assemble its small electric car, the T03, in Poland.
In October 2023, Stellantis formed a joint venture with Leapmotor, where the world’s largest conglomerate will have a 51 percent stake with the rights to export, sell and manufacture Leapmotor electric vehicles outside of China. Stellantis’ factory in Poland will be the place where the T03 will be produced, and production will start in Q2 of this year.
The car will be manufactured using SKD assembly, which is the simplest way to assemble the car. It should be noted that the Fiat 500 and Jeep Avenger are produced in the same factory. Currently, T03 can be bought in France, and the plan is to expand to other European markets.
In 2023, Stellantis bought 20% of Leapmotor for €1.5 billion. It was a good financial injection for the Chinese company, which will improve its sales results in the domestic market, but also expand its business outside of China. Shares of Leapmotor have risen about 22 percent in Hong Kong in 2023, making the company’s market value exceed $5.4 billion. On that occasion, the company’s founder Zhu Jiangming said: “Today it is a great milestone in Leapmotor’s history, and I am thrilled to witness this moment together with Mr. Tavares and his team. We believe in win-win partnerships formed by strong players in the fast-evolving environment. Working with Stellantis, we will continue to be innovative and creative in technology and business synergies and will bring Leapmotor EV cars to the global market.”
Source: Reuters, Photo: CNEV
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