Automaker Stellantis expects to quickly grow sales of China-made electric vehicles outside of the country through a new joint venture with Leapmotor, starting later this year.
The expansion plans do not currently include distribution in the U.S., Stellantis CEO Carlos Tavares said Tuesday following a press conference in Hangzhou, China, where Leapmotor is based. He cited, among other reasons, new American tariffs on China-made EVs.Harvard expert shares the No. 1 lesson to learn from Warren Buffett's career: ‘You can't be really successful' without it
The joint venture's expansion plans include at least six EVs by 2027, according to a presentation by Stellantis and Leapmotor. The cars, initially budget vehicles, are expected to be complimentary to Stellantis' current vehicle lineup, the companies said. "From a Stellantis perspective, our position is we compete. We compete with the Chinese carmakers and we compete as strongly as we can because it's the best way to learn. It's the best way to stay fit for the global race in which we are now part of," Tavares said."Whether I like it or not, with me or without me, Leapmotor would have been in Europe anyway … perhaps not as fast, perhaps not as strongly but they would have gone to Europe," Tavares said.
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