Stellantis plans to invest $1.6 billion in Chinese EV startup Leapmotor as other automakers struggle in China's electric vehicle market.
While almost all other auto manufacturers, especially those from Japan, are mulling exits from China where domestic brands are starting to dominate the EV market, Stellantis is doing the opposite and investing in an EV startup. The U.S. based auto manufacturer who makes Jeep and Dodge brands said it would be investing 1.5 billion euros $1.58 billion into Chinese EV startup Leapmotor, CNBC reported this week.
3% market share in China, are accelerating their shift to electric vehicles. Recall we just wrote days ago about how Mitsubishi was exiting China and how other Japanese automakers were considering following suit. According to research by MarkLines cited by Nikkei this week, Japanese car manufacturers such as Toyota, Honda, and Nissan are lagging in the Chinese market this year. In the first three quarters of 2023, the trio's combined new vehicle sales were 1.
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