Chinese electric vehicle manufacturer Leapmotor is reportedly gearing up to enter the Indian market, signaling increased competition in the affordable EV segment. Following the footsteps of fellow Chinese companies MG and BYD, Leapmotor's entry plans are nearing completion on May 6th.
According to the report by Pankaj Doval, Leapmotor will collaborate with the Stellantis group for its India entry. Stellantis, a prominent global automotive manufacturer with brands like Jeep and Citroen, recently acquired a stake in Leapmotor's global operations. The exact investment and entry details are yet to be disclosed but are expected to be announced soon.
Industry sources suggest that the partnership with Stellantis has emboldened Leapmotor to explore opportunities in India despite regulatory challenges. Stringent government regulations have posed obstacles for other Chinese companies like BYD, while MG Motor, a subsidiary of China's SAIC group, partnered with Indian firms for smoother operations.
Stellantis' significant investment in Leapmotor last year, securing a substantial ownership stake, paved the way for collaboration. The agreement also led to the formation of Leapmotor International, a joint venture predominantly owned by Stellantis, tasked with exporting and manufacturing Leapmotor products outside Greater China.
Leapmotor's imminent entry into India adds another player to the growing market of affordable electric vehicles, promising consumers more options and potentially accelerating the country's transition towards greener mobility solutions.
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