On the evening of November 27, Leapmotor announced its recent signing of a strategic cooperation agreement with Myanmar's NPK MOTOR Company for a KD (Knock Down) project.
This collaboration marks another milestone in Leapmotor's international expansion strategy, injecting fresh momentum into the development of new energy vehicles (NEVs) in Myanmar and the broader Southeast Asian region.
NPK MOTOR is a prominent player in manufacturing, trade, and automobile sales, with a strong focus in recent years on promoting electric vehicles (EVs) and building a robust charging network. The company is currently the top NEV distributor in Myanmar.
Through this partnership, Leapmotor will establish an assembly line in Myanmar in cooperation with NPK MOTOR. This will enhance Leapmotor's cost competitiveness in the local market, introduce advanced NEV products to Myanmar, and meet the growing demand for green mobility solutions. Additionally, the initiative will create jobs, generate tax revenue, and foster the growth of Myanmar's NEV industry chain, further advancing Chinese manufacturing on the global stage.
Leapmotor stated that it will leverage its advantages in service, technology, resources, and branding to provide comprehensive professional support for the KD project, ensuring its successful implementation and growth in Myanmar. In response to the complex and evolving conditions of the global automotive market, both parties plan to accelerate their strategic efforts to establish a solid presence in Myanmar and lay the groundwork for sustained growth.
Leapmotor's International Milestones
2024 marks Leapmotor's inaugural year of global expansion. On March 6, the company announced the rapid formation of its international executive team. By May 14, Leapmotor International was officially established and began operations.
On July 30, Leapmotor International, through its joint venture with Stellantis Group, shipped its first batch of Leapmotor C10 and T03 electric vehicles from Shanghai Port to Europe, signaling a significant step forward in its global journey.
On September 24, Leapmotor officially launched the C10 and T03 models in Europe, accompanied by global media test drives in Milan, Italy. This event marked Leapmotor's official debut in the European market. The C10 and T03 models are now available in 13 European countries, including France, Germany, Greece, Italy, Luxembourg, Malta, the Netherlands, Portugal, Romania, Spain, Switzerland, and the United Kingdom.
Leveraging Stellantis' distribution channels, Leapmotor International plans to increase its global sales network to 350 outlets by the fourth quarter of this year. Additionally, the company aims to release at least one new model annually over the next three years. By the end of 2023, Leapmotor's presence in Europe will also expand to Belgium, among other markets.
