Stellantis will invest 1.5 billion euros to become a strategic shareholder of Zero Run Automobile, and the two sides will establish a joint venture co
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Update time : 2023-11-02 10:43:18
(hereinafter referred to as "Zero Run Automobile") and Stellantis (hereinafter referred to as "Stellantis Group") announced that Stellantis Group plans to invest about 1.5 billion euros to acquire about 20% stake in Zero Run Automobile. Stellantis Group plans to invest approximately 1.5 billion euros to acquire an approximate 20% stake in Zero Run Auto.
The transaction also establishes a 51%:49% joint venture between Stellantis Group and Leapmotor called Leapmotor International. The joint venture will have the exclusive right to export and sell to all markets in the world except Greater China, as well as the exclusive right to manufacture Leapmotor products locally.
The Stellantis Group intends to leverage Zero Run's innovation and the latter's excellent cost-effective EV ecosystem to help Stellantis achieve its electrification goals under its "Dare Forward 2030" strategic plan, and the two companies may also further explore mutually beneficial synergies. The two companies may also further explore synergies that are mutually beneficial to each other. The Zero Run International joint venture is expected to begin export operations in the second half of 2024.
The parties believe that Zero Run's EV products are complementary to the existing technology and brand portfolio of the Stellantis Group, which will have two seats on the Board of Directors of Zero Run and will appoint the Chief Executive Officer of the Zero Run International Joint Venture.
By 2022, Zero Run will have delivered 111,000 units of new energy vehicles, making it one of the top tier of new car-making forces in China. In the next three years, Zero Run will build "pure electric + range-extended dual-power" intelligent vehicles from Class A to Class E based on one technical architecture and three vehicle platforms.
Stellantis Group was established at the beginning of 2021 by the merger of the former Peugeot Citroën Group and the former Fiat Chrysler Group.In 2022, Stellantis Group sold more than 6 million vehicles globally, realizing net revenues of €179.6 billion and net profit of €16.8 billion.In the first half of 2023, Stellantis Group realized net revenues of €98.4 billion and net profit of €10.9 billion.
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