Asian Tech Press (Nov 23) -- Chinese electric vehicle startup Leapmotor (09863.HK), backed by Jeep maker Stellantis N.V., plans to start deliveries to the European market in the third quarter of 2024.

Leapmotor and Stellantis have closed their partnership deal, Leapmotor co-president Michael Wu said Wednesday.

Wu said Leapmotor will focus on overseas markets next, with the first step of entry into Europe.

He said the company expects to start deliveries in the third quarter of next year and sell cars to Europe by export.

Leapmotor said in a statement Monday that it has issued about 194 million Hong Kong-listed shares to Stellantis for gross proceeds of more than HK$8.5 billion.

Stellantis now holds 21.26% of outstanding shares in Leapmotor, while Zhejiang Dahua Technology Co Ltd (002236.SZ), a former Leapmotor shareholder, is no longer holding shares in the EV maker.