By Ben Glickman

Stellantis has invested EUR1.5 billion ($1.58 billion) in Chinese electric-vehicle business Leapmotor as the automaker seeks to expand global sales through a joint venture.

Netherlands-based Stellantis now holds a 20% stake in Leapmotor. The two companies plan to create Leapmotor International, a joint venture focused on exporting and selling Leapmotor products outside of Greater China.

Stellantis said it expects the joint venture to begin shipping internationally in the second half of 2024.

Stellantis will have a majority stake in Leapmotor International and will name its chief executive. The company will also have two seats on Leapmotor's board.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

October 25, 2023 19:39 ET (23:39 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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