According to the company, the Leapmotor T03 model, which was recently launched in Milan (Italy), will be one of the cheapest electric cars in Europe. The announcement of the joint venture's order acceptance is part of the strategy to expand the mid-range electric car product line in Europe. Currently, Stellantis holds a 51% stake in the joint venture, which exclusively produces, exports and sells Leapmotor products outside of China.
The T03 model will be available from the end of September 2024 with a starting price of 21,000 USD (about 517 million). Meanwhile, the C10 SUV will be available at dealers in October 2024 with a starting price of 40,500 USD (about 997 million).
According to the company, the T03 will be imported from China and then assembled in Europe (at Stellantis' Tychy factory in Poland). This is also a strategy to help the brand avoid European Union taxes on electric vehicles imported from China. Stellantis' CEO once shared that the C10 model could be produced in Europe, but there has been no official announcement so far.
Leapmotor is considered the 15th brand of the Stellantis group, a powerful "right-hand man" helping the world's fourth largest automaker expand its range of low-cost electric vehicles. Stellantis is currently pushing for electrification in the context of declining global demand for electric vehicles. However, the Stellantis CEO has repeatedly shared that it is important for the industry to compete on price, while opposing the European Automobile Manufacturers Association's call to reduce CO2 targets for cars and light trucks that come into effect in the EU in 2025.
