First Read: Zhejiang Leapmotor Technology "More color from Stellantis on JV..."

Research evidence excerpt

First Read: Zhejiang Leapmotor Technology "More color from Stellantis on JV..."

Global Research

22 May 2026ab

First Read

EquitiesZhejiang Leapmotor Technology

More color from Stellantis on JV partnerships China

Automobile Manufacturers

12-month rating Neutral

What's new?

Stellantis management shared future strategy on business operation, product pipeline 12m price target HK$50.00

and JV partnership during Investor Day 2026. Below we summarize key information

relevant to Leapmotor and potential JV with Dongfeng Group for investors' attention.

Price (21 May 2026) HK$42.00

Key updates: RIC: 9863.HK BBG: 9863 HK

2026E Europe unit sales: Leapmotor International (LPMI) achieved FY25 unit sales Trading data and key metrics

in Europe of 34k, and expects to double this number in 2026. Stellantis 52-wk range HK$73.50-38.26

management noted LPMI reached monthly run rate of 11k BEVs in March & April Market cap. HK$59.7b/US$7.62b

2026 and growing.

Shares o/s 1,422m (ORD)

Medium-term sales target: Stellantis aims to maximize Leapmotor partnership Free float 51%

synergies, targeting to achieve 180k BEVs sold through LPMI in 2027. The Avg. daily volume ('000) 11,467

company expect to maximize Dongfeng and Tata partnership synergies with 100k Avg. daily value (m) HK$540

localized cars sold globally in 2028 and growing. Common s/h equity (12/26E) Rmb24.4b

Production localization: Stellantis plans to introduce 2x LPMI D-class SUV in Madrid P/BV (12/26E) 2.3x

factory, and is currently prototyping the 1st LPMI vehicle built from one of two Net debt to EBITDA (12/26E) NM

lines in Zaragoza plant. EPS (UBS, diluted) (Rmb)

Brand competition: Internal competition for customers & resources works neither UBS Cons.

12/26E 2.34 2.25

in the interests of Stellantis nor JV partners.