Stellantis and Leapmotor See Opportunity in India’s EV Market

Sales of electric vehicles (EVs) have increased rapidly in the country in recent years. Many foreign electric vehicle manufacturers are planning to enter this market. Chinese company Leapmotor has also prepared to launch its electric vehicle in the Chinese market. Leapmotor has a partnership with European car manufacturer Stellantis.

Leapmotor CEO Zhu Jiangming and Stellantis CEO Carlos Tavares said at a press conference in Hangzhou, China, that they plan to expand their business to South America, Asia, Western Europe, Africa and India, as well as Asia. Pacific (APAC) markets. East. In APAC, these companies are preparing to launch their electric vehicles in the Indian, Australian and New Zealand markets. Stellantis owns a 51% stake in Leapmotor International. The company will market its small electric car and sports utility vehicle (SUV) named T03 in international markets including India.

Due to increased import duties on Chinese electric vehicles in America, India could become an important market for these companies. Stellantis has three production facilities in the country for its Jeep and Citroën passenger car brands. China complained to the World Trade Organization (WTO) about the US Inflation Reduction Act. China said the law was discriminatory and affected fair competition. China used the WTO dispute settlement mechanism to challenge US electric vehicle subsidy policies.

Starting this year, U.S. electric vehicle buyers will be denied a tax credit of $3,750 to $7,500 if critical minerals or other battery components used in the electric vehicle come from or are manufactured in China, Russia, North Korea or Iran. . China’s Ministry of Commerce said in a statement that America has pursued a discriminatory policy of subsidizing electric vehicles under the pretext of fighting climate change. Elon Musk, CEO of American electric vehicle maker Tesla, also said that if trade restrictions are not imposed on Chinese automakers, they could become a threat to global automakers.