Overview
- State-owned FAW will buy 74.8 million new Leapmotor shares for 3.74 billion yuan (about US$534 million), equal to a 5% holding, according to a stock filing.
- Leapmotor and FAW will launch a technology partnership to develop and manufacture vehicles for FAW from 2026.
- CEO Zhu Jiangming set goals of 1 million vehicle sales in 2026 and more than 4 million annually within a decade, following a near-doubling of domestic sales to 482,447 units in the first 11 months of 2025.
- Overseas expansion includes starting production in Spain in 2026 with 40% local content, alongside an existing Stellantis-controlled joint venture for international sales and manufacturing.
- Leapmotor’s CFO said neither FAW nor Stellantis intends to seek control of the company following the new investment.