this post was submitted on 14 May 2024
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This is the best summary I could come up with:
Carlos Tavares, the Stellantis chief executive, said the move would allow it to profit from the wave of Chinese cars coming to Europe, and strongly decried protectionism as the US launched steep tariffs to protect its own industry.
Biden on Tuesday announced a 100% tariff on Chinese-made electric vehicles, in a move designed to protect the US industry, which is lagging behind China and Europe.
European and US carmakers are scrambling to catch up with China’s host of EV makers, which often benefit from direct government support, cheaper labour costs and the country’s dominance of global battery supply chains.
Tavares portrayed the deal with Leapmotor – which is likely to accelerate China’s surging battery vehicle sales – as a pragmatic and “opportunistic” move to profit from the rise of Chinese manufacturers.
Stellantis also owns big US brands including Chrysler, Jeep and Dodge, but Tavares strongly opposed Biden’s measures to protect US manufacturers.
The partnership will expand Leapmotor sales to India and the Asia Pacific region, the Middle East and Africa, and South America starting in the fourth quarter of 2024.
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