Chinese electric vehicle manufacturer Leapmotor is getting ready for the Indian markets foray toeing the line of predecessors like MG and BYD. Partnering with Stellantis, which recently acquired a stake in its global operations, Leapmotor aims to announce its investment and entry plans for India soon, as per reports.
Stellantis, a major player in the global automotive industry with brands like Citroen, Jeep, and Fiat, is present in India through Jeep and Citroen. The partnership with Stellantis has bolstered Leapmotor’s confidence in venture into India, despite strict regulations governing investments from countries sharing a border with India.
BYD faced challenges in expanding its operations in India due to approval issues from the government, while MG Motor had to involve an Indian partner, Sajjan Jindal’s JSW, to comply with regulations. Stellantis’ investment of $1.6 billion in Leapmotor last year, acquiring around 20 percent stake, paved the way for a significant partnership.
This collaboration led to the formation of Leapmotor International, a joint venture primarily focused on exporting and selling Leapmotor products outside China, according to Times of India.
While Stellantis has not commented on Leapmotor’s potential entry into India, sources suggest that the move could see the launch of budget-friendly electric cars, intensifying competition in the green car segment. The announcement of Leapmotor’s India plans in partnership with Stellantis is anticipated in the coming weeks, signalling a significant development in the Indian electric vehicle market.