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Stellantis and Leapmotor: what the May 2026 'next level' announcement says, and what it does not
A May 8, 2026 Stellantis press release announces the intention to expand the Leapmotor partnership: a possible Opel C-SUV line at Zaragoza, Leapmotor B10 production there, joint purchasing through LPMI and a possible new Leapmotor vehicle at Villaverde, Madrid. We set out what the document states, the 2023 investment and 2024 joint venture behind it, and which parts remain under evaluation.
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On May 8, 2026, Stellantis announced, together with Zhejiang Leapmotor Technology Co., Ltd., its "intention to expand their strategic partnership." The word intention matters: the release describes a series of initiatives the companies say they are exploring, not completed decisions. It names two Spanish plants, Zaragoza and Villaverde in Madrid, a purchasing arrangement, and a possible transfer of plant ownership.
The announcement builds on a relationship that began with an October 2023 investment and a May 2024 joint venture, Leapmotor International B.V. (LPMI). To read the 2026 announcement correctly, it helps to look at those two documents as well, since both were published by Stellantis and carry their own dates and figures.
The 2023 investment and what it set out
On October 26, 2023, Stellantis announced a plan to invest approximately €1.5 billion to acquire an approximately 20% stake in Leapmotor, a Chinese new energy vehicle maker that delivered approximately 111,000 NEV units in 2022. The deal outlined the formation of Leapmotor International, a 51/49 Stellantis-led joint venture with exclusive rights for the export and sale, as well as manufacturing, of Leapmotor products outside Greater China. Stellantis was also to have two seats on Leapmotor's board and to appoint the joint venture's CEO. The transaction was subject to closing conditions, including regulatory approvals.
One detail to keep in mind: the 2023 release states the stake as approximately 20%, while the May 2026 release refers to "an approximately 21% stake" acquired in October 2023. The two Stellantis documents do not state the same figure, and we print the gap rather than reconcile it.
The 2024 joint venture and the European launch
On May 14, 2024, Stellantis announced that the formation of Leapmotor International B.V., a 51/49 Stellantis-led joint venture headquartered in Amsterdam, was complete, with a management team led by CEO Tianshu Xin. The launch plan began in Europe — France, Italy, Germany, Netherlands, Spain, Portugal, Belgium, Greece and Romania — starting in September 2024, with 200 points of sale by the end of 2024 ramping up to 500 by 2026. The first models named were the T03, a small five-door car with a stated 265 km WLTP range, and the C10.
What the May 2026 announcement covers
The May 8, 2026 release sets out the areas the companies say they intend to deepen. All production timing in it is described as under evaluation or potential:
- Zaragoza (Figueruelas): the parties are assessing a new line to build Opel's all-new C-SUV battery electric model, with a potential start of production in 2028, alongside the current Peugeot 208 and Lancia Ypsilon. Leapmotor would also bring production of its C-SUV B10 to the plant, potentially commencing as early as 2026.
- Components: the new Opel C-SUV considered for Figueruelas would benefit from LPMI-sourced components, which Stellantis says would enhance affordability for European customers.
- Purchasing: the companies would cooperate on purchasing through LPMI, leveraging the Chinese New Energy Vehicle ecosystem and European supply chain capabilities.
- Villaverde, Madrid: the intended expansion may include a new Leapmotor vehicle, with potential timing from the first half of 2028, relevant to the planned end of Citroën C4 production there; the plant's ownership is under discussion for potential transfer to LPMI's Spanish subsidiary, with vehicles commercialized by LPMI in European and Middle East and Africa markets.
The track record the announcement cites
The May 2026 release states that since launching the T03 and C10 in 2024, LPMI has expanded to more than 850 points of sale and service in Europe, with more than 40,000 shipments in Europe in 2025. In 2025, it says, LPMI expanded to South America, Asia-Pacific and the Middle East and Africa, and introduced the brand in Mexico in April 2026. These figures come from Stellantis's own announcement, dated May 8, 2026, and are not measurements by us.
How to read the timing claims
The release itself carries Stellantis forward-looking statements language, noting there can be no assurance as to outcomes and that actual results may differ materially. A potential start of production in 2028 at Zaragoza, B10 production "as early as 2026" and a Villaverde allocation "from the first half of 2028" are intentions under evaluation in a document dated May 8, 2026 — not confirmed schedules, and not statements of what any plant produces today.
To check any of this yourself, read the three Stellantis press releases directly on the company's newsroom — October 26, 2023 (the €1.5 billion investment), May 14, 2024 (the joint venture) and May 8, 2026 (the expansion announcement) — and note the date each figure carries. Whether a specific model later enters production at Figueruelas or Villaverde, and on what schedule, can only be confirmed by a subsequent dated announcement from the companies.