Stellantis (NYSE:STLA) and Leapmotor have finalized the establishment of Leapmotor International, a 51/49 joint venture aimed at expanding the global sales of electric vehicles (EVs).

Announced in a recent press release, the joint venture has gained all required authorizations, setting the stage for a significant push into the European market by September 2024, with further expansions planned into India, Asia Pacific, the Middle East, Africa, and South America beginning in the fourth quarter of 2024.

Leapmotor International's initial offerings will be the T03 and C10 models.

Stellantis CEO, Carlos Tavares, highlighted the partnership's ambition, stating, "The creation of Leapmotor International is a great step forward in helping address the urgent global warming issue with state-of-the-art BEV models that will compete with existing Chinese brands in key markets around the world."

Tavares underscored the joint venture's strategy to leverage Stellantis' global presence to deliver competitive and tech-centric electric vehicles to a broader customer base.