- Over 535,000 battery electric vehicles were sold in China in June alone, making it the largest EV market globally.
- Local automakers like BYD and Tesla rapidly capturing market share in China, pressuring global brands to accelerate their strategies.
Recent reports have revealed that Stellantis is actively considering a partnership with a Chinese electric vehicle (EV) maker to strengthen its foothold in the region. This move comes after Volkswagen’s reported negotiations with Zhejiang Leapmotor Technologies (Leapmotor) for its EV platform. As China cements its status as the world’s largest EV market, automakers are jostling for a share of the pie, with Stellantis being the latest in line.
Although Stellantis, the powerhouse behind renowned brands like Jeep, Ram, Chrysler, Fiat, Alfa Romeo, and Maserati, already collaborates with Dongfeng Motor Group in China, the urgency to further solidify its presence is palpable. The existing joint venture with Dongfeng primarily markets Peugeot and Citroen vehicles in China. However, Stellantis seems keen on expanding its horizon with fresh partnerships. It seems that Stellantis exploring options ranging from direct investment in a Chinese EV maker to forging a business alliance to amplify its brand presence.
This renewed interest can be attributed to the staggering EV sales in China, with over 535,000 battery electric vehicles transacted in June alone. The figure stands at an impressive 2.55 million for the year’s first half. With behemoths like Volkswagen and Toyota attributing a sizeable chunk of their revenues to the Chinese market, the race is on for Stellantis.
Yet, as international automakers strive to gain traction, local giants such as BYD and Tesla are not relenting, continually claiming larger market shares. Recognizing the gravity of the situation, global brands like VW, Toyota, GM, and now Stellantis are all striving to keep pace. Forming alliances with local manufacturers might be the key to rapid EV development tailored to the nuances of the Chinese market.
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