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Stellantis And Chinese Partner Plan To Launch The Cheapest Electric Car In Europe In 2024.
Stellantis, an automotive giant, has 16 brands in its portfolio, including Fiat, Jeep, and Dodge. Now, the company seeks to make affordable electric cars more readily available with a little help from a new Chinese partner called Leapmotor.
Stellantis Invests Billions In Affordable Electric Car
After an investment of US$ 1.6 billion, Stellantis will hold a 20% stake in the parent company of Leapmotor, and the two will form a joint venture that will export the Chinese manufacturer’s electric cars to other parts of the world.
The new company, named Leapmotor International, will be incorporated in the Netherlands, and the first market to receive the affordable electric vehicles from China will be Europe, with others planned to follow, according to a statement during the group’s third-quarter financial results conference.
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In summary, the United States may finally have an affordable yet technologically advanced electric car due to Stellantis’s latest billion-dollar investment. However, until that happens, we’ll have to wait to see how the Chinese company’s cars perform in the Old Continent, where there are already some low-cost electric models for less than US$ 25,000 on the market.
Indeed, Citroën, which is part of Stellantis, recently revealed the new e-C3 produced in Europe, which starts at US$ 24,500. There is also the Dacia Spring, produced in China by rival Renault, starting at US$ 24,000 on the list of affordable electric cars; therefore, it will be interesting to see how the automotive group sets the price for its popular electric car that it will import to Europe.
What Is The Cheapest Model Produced By The Chinese Manufacturer?
The cheapest popular electric car produced by Leapmotor, the small T03, which measures only 3,619 mm in length, starts at approximately R$ 54,500 in China, before tariffs and the country’s specific value-added tax, so there is some room for maneuver, at least at first glance.
The Chinese company produces the more expensive C01 sedan and C11 SUV, along with their extended range versions (EREV), so it remains unknown how Stellantis will market these Chinese cars in the Old Continent, especially considering how Leapmotor has focused on the mid to high-end market in its home country, according to the press release from Stellantis itself.
First Affordable Electric Car May Arrive In 2024
The first batch of exported electric cars will arrive in European markets in 2024, with the newly formed joint venture aiming for 500,000 sales in external markets by 2030, which should include Brazil, along with an additional 1 million cars annually in China in the long term.
Stellantis’s CFO, Natalie Knight, stated during the company’s third-quarter results teleconference that the new brand is focused on cost-conscious consumers who want the best technology in their products, referring to the ability of Leapmotor vehicles to receive over-the-air (OTA) updates, as well as its proprietary centralized control electric and electronic architecture, Lap 3.0 “Four-Leaf Clover”.
It is worth noting that Leapmotor delivered 111,000 new affordable electric cars in 2022, earning a place among the top tier of automakers in a Chinese market full of electric models. Although currently focused on mid to high-end electric cars, Leapmotor claims it plans to cover segments A and E in the next three years.
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