Asian Tech Press (Nov 1) -- Chinese electric car dealer Leapmotor (09863.HK) said in a statement Tuesday that the company's founders have pledged not to reduce their holdings for 10 years.

The company's founder, Chairman and Chief Executive Officer Zhu Jiangming and his spouse Liu Yunzhen, and another founder, Fu Liquan and his spouse Chen Ailing, voluntarily promise not to transfer or reduce their holdings of the company's shares in any way within the next 10 years from Oct. 31, 2023, Leapmotor said.

Previously, Leapmotor announced that Stellantis N.V., owner of Peugeot and Citroen, plans to invest around €1.5 billion for a stake of around 20% in the firm.

At the same time, Stellantis and the EV maker will form a 51:49 joint venture firm called Leapmotor International.

Prior to Stellantis' entry, Leapmotor's single largest group of shareholders comprised the four individuals mentioned above and the companies they control, with a combined stake of 27.46%.

Following the introduction of Stellantis, the four will hold only 23.47% of Leapmotor due to share dilution, but will remain the single largest group of shareholders in the EV maker.