Stellantis N.V. ( STLA ) shares are trading lower on Tuesday.

The company’s unit Leapmotor International has shipped the first batch of Leapmotor electric vehicles – C10 SUVs and T03 cars – from Shanghai, China, to European ports this month.

“The shipment of Leapmotor C10 and T03 vehicles to Europe this month is a landmark moment in the partnership between Stellantis ( STLA ) and Leapmotor,” said Stellantis ( STLA ) CEO Carlos Tavares. 

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“Relying on Stellantis’ strong business assets in Europe and the hard work of our companies’ teams on guaranteeing product innovation and quality, I strongly believe that Leapmotor’s electric vehicles will be widely accepted by European customers,” Tavares added.

As of the first half of July, Leapmotor has accumulatively sold over 400,000 EVs in China since the company’s first sale.

Using Stellantis’ distribution network, the Leapmotor International JV aims to boost Leapmotor vehicle sales points in Europe to 500 by 2026, up from 200 by the end of 2024, to enhance customer service.

As the C10 and T03 models make their debut in Europe, Stellantis ( STLA ) and Leapmotor are committed to advancing innovation and sustainability in the automotive sector.

“Since the very beginning, the C10 and T03 models are designed to meet the high standards of global customers and we are confident that the collaboration between Stellantis ( STLA ) and Leapmotor will drive significant growth for both companies,” said Leapmotor Founder, Chairman and CEO Zhu Jiangming.

In another development, Jeep-maker Stellantis ( STLA ) is offering a new round of voluntary buyouts to its U.S. salaried workers, the latest in a series of cost-cutting measures by CEO Tavares, Reuters reported.

Price Action: STLA shares are trading lower by 1.44% to $16.75 at last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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