Exclusive-China’s Hongqi, once favoured by Mao, eyes Stellantis Spain plant for European expansion
Chinese luxury car brand Hongqi, historically associated with Mao Zedong, is in talks to use Stellantis's plant in Spain for vehicle production as part of its European expansion, leveraging its partnership with Chinese EV maker Leapmotor. The collaboration could help Hongqi avoid building its own factory while accelerating its goal to launch over a dozen electric and hybrid models in Europe by 2028. The discussions are ongoing and may not result in a deal, with no official comments yet from Hongqi, FAW, or Leapmotor, while Stellantis acknowledged routine industry talks. Production in Spain would mark Hongqi’s first manufacturing presence in western Europe.
Opening excerpt (first ~120 words) tap to expand
By Qiaoyi Li, Nick Carey and Gilles Guillaume BEIJING, April 28 (Reuters) - Chinese luxury automaker Hongqi, famed as Mao Zedong’s preferred car brand, is in talks with Stellantis to build vehicles at one of the Fiat-to-Jeep owner’s Spanish plants as it expands in Europe, five sources familiar with the matter said. Hongqi’s owner, state-owned automaker FAW, is holding the talks with Stellantis via Chinese electric vehicle maker Leapmotor, two of the sources said. Both FAW and Stellantis are investors in Leapmotor. The previously unreported talks could accelerate Hongqi’s European expansion and its plans to launch more than a dozen EV and hybrid models in the region by 2028, while helping it avoid spending hundreds of millions of dollars on a new factory.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Investing.com.
Discussion
0 commentsMore from Investing.com
