Leapmotor, a Chinese EV manufacturer, is attempting to enter the Indian market following MG and BYD. The business, which just acquired a 20% stake in its international activities, is partnering with the massive automaker Stellantis. It hopes to soon reveal its investments and entry plans into India.
Leapmotor, with its headquarters in Hangzhou, is a Chinese manufacturer of electric automobiles that is somewhat unknown in Europe even though it sells 10,000 cars a month there. However, through its Jeep and Citroen brands, Stellantis, a well-known participant in the global automobile industry, already has a presence in India.
Leapmotor to transform Indian EV landscape
Despite strict laws controlling investments from nations that border India, the Times of India reported that Leapmotor‘s confidence in entering the country has increased as a result of its collaboration with Stellantis.
To comply with laws, MG Motor teamed with Sajjan Jindal’s JSW, while BYD encountered difficulties expanding in India due to complications with government approval. Stellantis’ $1.6 billion investment in Leapmotor last year made a big alliance possible, giving them a roughly 20% share.
The report also stated that as a result of this cooperation, Leapmotor International was established as a joint venture with the primary goal of exporting and marketing Leapmotor products outside of China. It went on to say that although Stellantis has not formally commented on Leapmotor’s possible debut in India, rumors suggest that the move may entail the introduction of reasonably priced electric vehicles, hence escalating competition in the green car market.
Leapmotor’s plans to establish a presence in India in collaboration with Stellantis are expected to be announced in the next few weeks, marking an important step forward for the Indian electric car sector.
In the meantime, the number of electric two-wheeler registrations in the nation fell to 64,013 in April, nearly eight months below the 100,000 mark that they had crossed in March. According to Vahan data, as of May 1, total registrations fell by more than 53% month-over-month (MoM) from over 137,000 units in March due to reduced car subsidies and seasonal factors.
In addition, a task force is currently being established by the federal government to develop a roadmap for the electric car sector. In order to establish the task force and interact with many stakeholders, including original equipment manufacturers (OEMs), through meetings and workshops, the Ministry of Heavy Industries (MHI) is collaborating with a number of authorities.
