Stellantis is buying a 21% stake in Leapmotor for $1.6 billion, it said on Thursday, in a reset of its China strategy to focus on electric vehicles after years of poor sales and manufacturing pullback in the world’s biggest auto market.
The Chinese EV maker also announced the formation of a joint venture with Stellantis, in which the Chrysler parent will own a 51% stake giving it exclusive rights for the export, sale and manufacturing of Zhejiang Leapmotor Technology’s products outside Greater China.
