Leapmotor Expands Globally, Eyes New Markets Beyond China and Europe
Chinese electric vehicle manufacturer Leapmotor is expanding its reach beyond China and Europe. The company, led by former Stellantis China executive Tianshu Xin, has announced plans to enter new markets and has already made strides in Israel. Meanwhile, BEV sales in Europe have seen a decrease, but China's exports to the EU remain strong.
Leapmotor's international expansion is gaining momentum. In Israel, the company has partnered with local distributor Freesbee to introduce models like the T03 and C11. While sales in Europe are set to begin in nine countries with 200 points of sale by the end of the year, other regions like Oceania, Latin America, and Asia are being explored. Stellantis' investment of €1.5 billion has facilitated this expansion, with plans to produce the T03 in Europe and expand to India, Asia Pacific, Middle East, Africa, and South America after Europe. The partnership aims to boost Leapmotor's sales in China and accelerate global brand sales using Stellantis' established presence.
Despite a 11.3% decrease in BEV sales in Europe in March 2024, China's exports to overseas markets remain robust, with the EU receiving 47% of these exports in value. Leapmotor International, headquartered in Amsterdam, will utilize Stellantis' distribution channels in Europe to facilitate its growth.
Leapmotor's strategic partnership with Stellantis is driving its international expansion, with Israel as the first significant market outside of China and Europe. Despite a dip in European BEV sales, China's exports to the EU remain strong, indicating a promising future for Leapmotor's global ambitions.
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