Chinese electric vehicle manufacturer Leapmotor could be planning to enter the Indian market soon. The brand has reportedly joined hands with the Stellantis group and is likely to bring its products to India soon. According to new reports, Leapmotor could introduce its T03 hatchback in India which is likely to be the direct competitor of the Tata Tiago.EV. In addition to this, the brand is also likely to bring the C10 SUV to compete with the MG ZS EV, BYD Atto3 and the upcoming Maruti Suzuki eVX and Hyundai Creta EV.
According to a media report, the brand is currently conducting feasibility tests for its products in India. Also, the Indian versions of the T03 hatchback and the C10 SUV could be based on the European models that are already for sale in the international market. Reports reveal that Stellantis could make the announcement for Leapmotor’s entry by the end of 2024. Stellantis plans for a strategic investment of EUR 1.5 Billion into Leapmotor and is said to have already acquired 20% of the company. Furthermore, Stellantis also plans to crack a deal for a 51:49 ratio partnership bringing the Amsterdam based company to the helm of Leapmotor.
The brand is likely to bring both the electric vehicles via the CKD route. The EVs could be assembled at the Ranjangon plant bring the production costs down and also ensure supply of parts for the future. Thanks to the new relaxed import policies the brand is also likely to compete fiercely with well established brands such as Tata and Mahindra which already have their EVs in India. Recently, the custom duty for electric vehicles with a CIF (Cost + Insurance + Freight) of USD 35,000 which is approximately INR 29 lakh, the government will be appling around 15% customs duty for the first 5 years.
Also Read: GT Force launches Low & High-Speed Electric Scooters starting from INR 55,555