Stellantis CEO sees potential in Chinese vehicles in North America
CNBC • • general
Key Points:
- Stellantis CEO Antonio Filosa highlighted opportunities to expand partnerships in North America, particularly with Chinese automaker Zhejiang Leapmotor Technology Co., focusing on production and sales in Mexico and potentially Canada, but not the U.S.
- Stellantis currently holds a 21% stake in Leapmotor and is a majority owner of a joint venture for manufacturing and selling Leapmotor vehicles outside greater China, aiming to grow sales, share capital expenses, and learn from the Chinese partner.
- The company is exploring building electric vehicles in Canada, possibly utilizing the idle Stellantis assembly plant in Brampton, Ontario, which ceased production of Dodge Charger and Challenger models in December 2023.
- In addition to Chinese partnerships, Stellantis is pursuing collaborations with non-Chinese brands in the U.S., such as Jaguar Land Rover, to leverage synergies in product development and industrialization.
- The expansion of partnerships reflects Stellantis' strategy to fill plants, increase sales, and navigate trade dynamics in North America amid concerns about Chinese automakers entering the U.S. market.