KUALA LUMPUR – On Wednesday, Stellantis (NYSE: STLA) unveiled an electric sports utility vehicle in Malaysia as its partnership with Chinese automaker Leapmotor makes its entry into Southeast Asia, Malaysia’s trade minister said.
Stellantis holds a 51% stake in the Leapmotor International joint venture and has exclusive rights to build, export, and sell Leapmotor products outside China in the first such arrangement for a legacy Western automaker.
The joint venture in May announced plans for a global expansion this year, targeting sales of its electric vehicles (EVs) in multiple regions including Europe and the Asia-Pacific.
Sales in Malaysia will begin with Leapmotor’s C10 medium-sized SUV, Malaysia’s Investment, Trade and Industry Minister Tengku Zafrul Aziz said on Wednesday, according to the text of a speech he gave at the launch event made available to the media.
The Malaysian government is pushing to develop the country as a regional hub in the global production and supply chain for EVs.
Malaysia, which is aiming to have EVs and hybrids account for 20% of new car sales by 2030, reported a 112% rise in the sale of battery-electric vehicles in the first half of the year, Tengku Zafrul said.
(Source: ReutersReuters)
Leapmotor NYSE: STLA Stellantis
