China's Leapmotor and Stellantis open orders in Europe for budget EVs

MILAN (Reuters) - China's Leapmotor (HK:9863 ) is set to start taking orders in Europe for a city car and an SUV, the automaker and its partner Stellantis (NYSE:STLA ) said on Tuesday as they expand their budget electric vehicle (EV) offering in the region.

Stellantis holds a 51% stake in their Leapmotor International joint venture and has exclusive rights to build, export and sell Leapmotor products outside China in the first such arrangement for a legacy Western automaker.

The T03 compact car will be available from the end of September with prices starting from 18,900 euros ($20,990) while the C10 SUV will be in dealerships in October starting from 36,400 euros, the JV said in a statement.

The two models were showcased for the first time in Europe near Milan on Tuesday.

Initially imported from China, the T03 will also be assembled in Europe, at Stellantis' Tychy plant in Poland, potentially helping the brand avoid European Union tariffs on imported Chinese EVs.

Stellantis CEO Carlos Tavares has hinted the C10 model could be manufactured in Europe, but has not provided details.

Leapmotor, which will serve as Stellantis' 15th brand, will help the world's fourth-largest automaker widen its range of affordable EVs, as it presses ahead with electrification and seeks to comply with EU emission rules at a time of soft global demand for EVs.



Tavares is opposed to a call by European auto lobby ACEA for relief from intermediate CO2 targets for cars and vans coming into effect in the EU in 2025. He said last week it was key for the industry to sell EVs at the same price as petrol models.

($1 = 0.9003 euros)

Source: Investing.com