[1/2] A view shows the logo of Stellantis at the entrance of the company's factory in Hordain, France, July 7, 2021. REUTERS/Pascal Rossignol/File Photo Acquire Licensing Rights
Summary
Companies Stellantis to acquire 21% stake in EV maker Leapmotor
Firms form JV to build and sell Leapmotor products outside China
Deal gives Stellantis a crucial foothold in China
Leapmotor shares tumble 10%, reversing initial 11% jump
HANGZHOU, China, Oct 26 (Reuters) – Stellantis is buying a 21% stake in Leapmotor for $1.6 billion, it said on Thursday, in a reset of its China strategy to focus on electric vehicles after years of poor sales and manufacturing pullback in the world's biggest auto market.
Stellantis resets China strategy with $1.6 bln stake in EV firm Leapmotor comes via ChinaTechNews.com.
