It is not a good time for global carmakers in Europe. Demand for new cars is slowing across the board. For Chinese makers, steep tariffs are looming. Investors, however, are still betting there will be significant demand for new budget electric vehicles.
Shares of Leapmotor rose 9 per cent on Wednesday morning after the Chinese EV maker said it had started taking orders in Europe for a new city car and a sport utility vehicle. It expects to start assembling its urban EV model in Poland by the end of this year — a big step for Leapmotor and its partner Stellantis, the automaker created from the merger of France’s PSA Group and Italian-American Fiat Chrysler Group.
Leapmotor’s T03 compact electric car will have a starting price of €18,900 from the end of this month, with a new model set to be introduced each year over the next three years. It plans to have 350 sales points by the end of this year, with a focus on markets such as the UK, Belgium, France and Germany.