10:09 AM EST, 03/06/2024 (MT Newswires) -- Stellantis ( STLA ) and Leapmotor's proposed joint venture has received China's National Development and Reform Commission's approval, Reuters reported Wednesday, citing two unnamed sources familiar with the matter.

Stellantis ( STLA ) and Leapmotor announced in October 2023 that the joint venture would have the exclusive rights to manufacture, export, and sell Leapmotor's electric vehicles outside China.

The deal still awaits approval from other regulatory bodies, the Reuters report said, citing one of the sources.

Stellantis ( STLA ) declined Reuters' request for comment.

Neither Stellantis ( STLA ) nor Leapmotor immediately responded to MT Newswires' requests for comment, while the Chinese regulator could not be immediately reached.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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