The Big 3 automaker creates a new auto brand through a joint venture, which plans to market affordable electric vehicles.
Electric vehicle makers have been in the middle of a price war over the past several months, slashing manufacturer suggested retail prices and trying to establish an advantage over the competition. In some cases, the prices of EVs are getting really close to the price of a new internal combustion engine vehicle.in early October lowered the list price of the Model 3 from $40,240 to $38,990 and its industry leading seller Model Y has recently fallen from $47,740 to $43,990.
The third member of the iconic Big 3 automakers, Stellantis, in August revealed that in July 2024 the company would unveil a second new entry-level Fiat-branded electric vehicle that will be priced less than €25,000 or about $27,390. The company, however, didn't say when the vehicle might be sold in the U.S., which is a subcompact EV hatchback. The new vehicle is estimated to have a 199-mile range, charging 20% to 80% of capacity in as little as 26 minutes.
The new company, Leapmotor International, was formed after Stellantis invested $1.6 billion to acquire a 20% stake in the Chinese company on Oct. 26, the company said in a statement. The Amsterdam-based automaker will hold 51% ownership of the new car brand joint venture, while Leapmotor will have the remaining 49% stake. The new company will have exclusive rights to manufacture, export and sell Leapmotor products outside of China.
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