Stellantis nears deal to buy 20% of Chinese EV maker Leapmotor

company Zhejiang Leapmotor Technologies Ltd., people with knowledge of the matter said, marking the latest attempt by the carmaker to boost its presence in the world’s biggest auto market.

Leapmotor and Stellantis are also discussing setting up a joint venture as part of the transaction, according to the people. A partnership could allow Stellantis to manufacture and sell some Leapmotor cars outside. Global carmakers have been eyeing the Chinese EV market as they seek to expand in the world’s second-largest economy.AG in July said it plans to invest $700 million in Xpeng Inc. and jointly develop EVs in the country.

“We announced several months ago that we were studying different scenarios to seize business opportunities linked to the dynamics of China manufacturers in the context of the electrification of the global automotive industry,” a spokesperson for Stellantis said. “We are not elaborating further.”

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