Stellantis-Backed Chinese EV Maker Leapmotor To Enter Indian Market By End-2024

Chinese electric vehicle maker, Leapmotor, in collaboration with Stellantis, will enter the Indian market in the fourth quarter of 2024.

This was announced by Carlos Tavares, CEO of Stellantis group, who was speaking at the launch of operations of Leapmotor International, a 51:49 joint venture between Stellantis and Leapmotor.

The first models of the Amsterdam-based brand in India will be the T03 hatchback and C10 electric SUV.

Stellantis, formed from the merger of Italian-American conglomerate Fiat Chrysler Automobiles and French PSA Group in 2021, boasts 14 iconic automotive brands, including Chrysler, Citroen, Fiat, Jeep, Maserati, Opel and Peugeot.

In India, Stellantis is represented by Jeep and Citroen, with plans for significant expansion through the introduction of new brands, expansion of retail networks, and substantial investments.

Last October, Stellantis announced that it was buying a 20 per cent stake in Leapmotor in a 1.5 billion euros deal that would give it a fresh shot at China, the world's biggest car market by sales.

The deal also outlined the formation of Leapmotor International, a joint venture with exclusive rights for the export and sale, as well as manufacturing, of Leapmotor products outside Greater China. 

Stellantis and Leapmotor said on Tuesday (14 May) that they had received approvals to form the joint venture, with Stellantis holding a 51 per cent stake.

The joint venture will first launch Leapmotor’s EVs in nine European countries in September this year. In the second stage, it will focus on the South American markets of Brazil and Chile, West Asia, Africa, India, and the Asia-Pacific region, by launching Leapmotor EVs there in the third quarter of 2024-25, according to Tavares.

Addressing reporters at a press conference in Hangzhou, China, Tavares said Stellantis is open to using its manufacturing facility in India to produce and sell Leapmotor’s EVs to overcome the hurdle of high import duties.