Stellantis Says U-Turn on China Will Help It Beat EV Rivals (2)

Stellantis NV says its $1.1 billion purchase of a stake in a Chinese electric vehicle maker will help it offer more affordable EVs and gain an edge on rivals bracing for an onslaught of cheaper exports from the country.

“The Chinese offensive is visible everywhere,” Chief Executive Officer Carlos Tavares told reporters on a call Thursday. Through the deal with Zhejiang Leapmotor Technologies Ltd., “we can be benefiting from this Chinese offensive rather than being a victim.”

A Leapmotor C11 electric vehicle (EV) at the Zhejiang Leapmotor Technologies Ltd. pavilion.

Source: Bloomberg

Stellantis will end up with about 21% of Leapmotor and two board seats after the deal. Crucially for Tavares, it will ...