Leapmotor's first T03 small EVs rolled off Stellantis' assembly plant in Poland last week and were on schedule for mass production in September, according to Reuters.
Leapmotor International, a joint venture between Chinese electric vehicle (EV) maker Leapmotor and Europe's second-largest carmaker by sales, Stellantis NV (NYSE: STLA), has begun EV production at Stellantis' Tychy plant in Poland, Reuters reported today.
Jefferies analysts said in a report on Sunday that Leapmotor management told an analyst call that its first T03 small EVs rolled off the assembly line from Stellantis' plant in Poland last week and that they were on schedule for mass production in September, according to Reuters.
The joint venture plans to start production of its second model, the Leapmotor A12 SUV (sport utility vehicle), at Stellantis' Polish plant starting in the first quarter of 2025, Jefferies said. Leapmotor currently does not have an A12 model in its home market of China.
Leapmotor has also begun preparations for localized production of components, these analysts said, according to Reuters.
Manufacturing costs at the Polish plant are about 400 euros ($428) to 500 euros per vehicle, about the same as at Leapmotor's China production base, while those at the Italian plant are about 1,000 euros, Jefferies said.
Leapmotor plans to build the C10 SUV in China and export it to Europe initially because the model has a higher price tag, these analysts said.
On October 26, 2023, Leapmotor said Stellantis would invest 1.5 billion euros in it for a roughly 20 percent stake, making it the largest outside shareholder in the EV maker.
On May 14, Leapmotor announced the formation of Leapmotor International, which would begin selling vehicles in Europe in September. Stellantis leads the joint venture with a 51 percent stake, with Leapmotor holding another 49 percent.
Leapmotor International is headquartered in Amsterdam, the Netherlands, and is led by Xin Tianshu, vice president of Stellantis China, who serves as CEO of the joint venture.
Xin leads the joint venture's management team as it prepares for the European launch of the Leapmotor T03 and Leapmotor C10 models, Leapmotor said last month.
Leapmotor International would initially cover markets including Belgium, France, Italy, Germany, Greece, the Netherlands, Romania, Spain, Portugal and plans to expand its European sales network to 200 by the end of the year, according to the company.
On March 22, Reuters reported that production of the Leapmotor T03 would begin as early as the second quarter of this year, using so-called semi-knocked down (SKD) technique, which involves turning partially assembled kits into finished vehicles.
The T03 is a compact battery electric vehicle (BEV) and is the least expensive of Leapmotor's models currently on sale.
On March 2, Leapmotor launched the 2024 T03 in China, offering three versions with starting prices of RMB 49,900 ($6,880), RMB 59,900, and RMB 69,900 respectively. Their CLTC ranges are 200 kilometers, 310 kilometers, and 403 kilometers, respectively.
The T03 sold 35,454 vehicles in 2023, contributing 24.6 percent of Leapmotor's annual sales of 144,155 units, according to data compiled by CnEVPost.
Leapmotor's other models are the more expensive C10, C11, and C01, and these C-series models are offered in both BEV and extended-range electric vehicle (EREV) versions.
($1 = 0.9347 Euro, $1 = 7.2560 RMB)
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