China's Leapmotor to supply EV platform to Hongqi, also in talks with Ferrari
FAW
to deliver an
electric vehicle
platform that will be used to drive overseas sales for Hongqi, an emerging national champion, executives from both companies said.
The deal brings together an unlikely pairing. Leapmotor, a profitable upstart automaker in China's crowded EV market, will supply the underpinnings for a new EV model to the country's oldest auto brand, which got its start supplying sedans for Communist Party leaders and emerged as a fast-growing premium brand in recent years.
The agreement represents a win for Leapmotor, which has partnered with
Stellantis
and created waves with its recent rollout of an all-electric B10 SUV equipped with smart-driving features and lidar sensing technology for less than $18,000.
"We have finalised the partnership to jointly develop a model for overseas market," Leapmotor CEO Zhu Jiangming told Reuters in an interview on the sidelines of this week's Shanghai auto show.
Mass production of the new model under the Hongqi brand - translated as Red Flag in English - will start from the second half of 2026, Zhu said.
Hongqi did not immediately respond to a request for comment.
Leapmotor is also in talks with Italian luxury sports-car maker Ferrari over a similar partnership to develop a new model based on the Chinese company's EV architecture, Zhu said.
Ferrari did not immediately respond to a request for comment.
Chinese automakers and suppliers have been pushing such technology licensing deals for EV platforms or "skateboards" to reduce the costs and speed up development for companies looking to slash the threshold to profitability on a new EV model.
Ferrari CEO Benedetto Vigna visited Leapmotor in February, but ongoing talks between the two automakers had not previously been reported.
FAW and Leapmotor signed a memorandum of understanding in March but the details of the deal to supply an EV architecture to Hongqi had also not previously been reported.
The new Hongqi model will share the same platform as Leapmotor's B10 and will be manufactured in Leapmotor's Hangzhou plant in eastern China, according to a person with direct knowledge of the matter who was not authorised to discuss the deal.
The new car will be an SUV like the B10 with both pure electric and range-extended versions that could be sold in overseas markets including Europe, the United Kingdom, Australia, New Zealand and the Middle East, the person said.
Leapmotor declined to comment.
Giles Taylor, who oversees Hongqi's design, said the new car would take its underpinnings from Leapmotor but look and feel like the other models in the Hongqi lineup, with a design flair he has described as rooted in Chinese aesthetics.
"The challenge with taking a platform from Leapmotor is making it into a cool, relevant, trendy, but good-looking Hongqi. It has to be Hongqi," Taylor, who was formerly chief designer for Rolls-Royce, told Reuters.
"I've got no problem taking the powertrain, but we apply a magic on top."
Last month, Leapmotor began pre-sales of the B10 in China with a starting price of 109,800 yuan ($15,115). A variant with lidar and urban navigation is priced from 129,800 yuan, or $17,870.
The EV maker said on Wednesday it had delivered 8,000 of the new B10 vehicles within 13 days of launch. The company sold just over 300,000 cars last year, less than a tenth of the volume of industry leader BYD, though it was profitable in the fourth quarter, a year ahead of its own earlier forecast.
In 2023, Stellantis bought a 21% stake in Leapmotor for $1.6 billion. The two automakers also formed a joint venture, Leapmotor International, in which Stellantis holds a 51% stake.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
14 minutes ago
- Economic Times
The India-Italy partnership as champions for the Global South and the Indo-Mediterranean
Agencies India-Italy partnership On the 1st of March 2006, addressing the US Congress, the then Italian Prime Minister Silvio Berlusconi warned that over the next 25 years, two billion more people would mostly be born in countries excluded from prosperity, creating a world split between six billion living in poverty and fewer than two billion in wealth. He said this imbalance would drive massive migration and risk fueling hatred and fundamentalism. The solution, he argued, was to lift poor nations out of misery by spreading democracy, good governance, human rights, and free-market economies, which he described as both a moral duty and a vital a world marked by volatility where conflicts have erupted across the Indo-Mediterranean, tensions in the Indo-Pacific escalate amid China's aggressive posture, and the persistent threat of Islamic extremism continues to challenge global stability, Berlusconi's speech now resonates with prophetic clarity. Nearly two decades after that historic address, Prime Minister Giorgia Meloni has at last crafted a strategic response aimed at addressing the very challenges Berlusconi warned of, warnings that until now successive Italian Prime Ministers and much of the global leadership had largely overlooked. Prime Minister Meloni's Piano Mattei is Italy's strategic framework for cooperation with Africa, focusing on five pillars: energy, water, agriculture, health, and education. Launched in early 2024 and rooted in 'partnership among equals,' it aims to tackle migration drivers and foster investment through public–private tools. She has successfully aligned the plan with the EU's Global Gateway, co-hosting a Rome summit with President Ursula von der Leyen in June 2025 where 11 agreements were signed. The initiative has positioned Italy as a key EU player in shaping Africa policy and development engagement, and Italy has taken the leadership of the EU's much lagging Africa outreach. Under Prime Minister Narendra Modi's leadership, India has doubled down on a Global South leadership agenda by shepherding the African Union's entry into the G20 at the New Delhi Leaders' Summit in September 2023, which elevated African representation in the forum's core deliberations. It has convened the Voice of Global South Summits (January 2023 and August 2024) to channel developing country priorities into global diplomacy. Looking ahead, New Delhi is set to host the Quad Leaders' Summit in 2025, positioning Indo Pacific security dialogues alongside development concerns of the Global South. India is also a central player in an expanded BRICS, with the 2025 leaders' meeting in Rio de Janeiro offering another platform where it engaged in dialogues on finance, development and South-South partnerships. Without directly mentioning it, both Italy and India seek to counter China's debt heavy Belt and Road Initiative (BRI) and its rising military influence in the global south, especially Africa, a young continent, rich in natural resources and full of future potential. While PM Meloni seeks to harness the might of the European Union, PM Modi uses India's centuries of goodwill, colonial era diaspora and soft power. Despite using different strategies both agree on the importance of Africa and the global south to the future of humanity. India and Italy are both firm champions of a more equal, value driven world, where trade wars, proxy wars, natural calamities and pandemics are especially taxing to the poor and the vulnerable. Italy's vision of an enlarged Mediterranean extending to the Horn of Africa aligns naturally with India's MAHASAGAR initiative (Mutual and Holistic Advancement for Security and Growth Across Regions), launched in March 2025 which starts at the Gulf of Aden. Building on its predecessor SAGAR (2015), which focused largely on the Indian Ocean Region, MAHASAGAR broadens India's engagement with the wider Global South, including East Africa, by emphasizing capacity building, sustainable blue-economy growth, trade, connectivity, and security cooperation. It has cemented India's status as the Indian Ocean's primary maritime security provider and a 'first responder' in crises. MAHASAGAR is designed to counter threats such as piracy, illegal fishing, and maritime terrorism while reinforcing India's commitment to a free and rules-based maritime order, reflecting its ambitions as a Global South leader in ocean the shared geography of the Indo-Mediterranean, Italy and India have much to gain by leveraging the synergies between their ambitious initiatives. The challenges they face are common, and both countries are signatories to the India-Middle East-Europe Economic Corridor (IMEC), a major trade route linking the Indo-Pacific with Europe and the United States through the Middle East. While IMEC, which brings together the US, EU, India, Italy, Germany, France, UAE, Saudi Arabia, Israel, and potentially Greece and Cyprus, will require time to develop its infrastructure, a dedicated Indo-Mediterranean corridor between Italy and India could serve as a vital interim upcoming entry into force of the India - European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) on 1st October 2025 underscores this need. Switzerland, the largest EFTA economy and demographically the largest member, is landlocked and heavily dependent on Italian ports for access to India. Experts and entrepreneurs point out the advantage of establishing a dedicatedItaly-India-Switzerland maritime trade corridor which would boost TEPA's implementation while laying the groundwork for IMEC's eventual operation. Just as Trieste could serve as India's gateway to Europe's industrial heartlands and Central and Eastern Europe as Europe's IMEC terminal, other Italian ports could become India's entry points into Switzerland and Lombardy, Italy's economic powerhouse. Above all, Italy's southern ports and the infrastructure projects planned under the Mattei Plan complement India's Africa-focused Mahasagar strategy. The strong personal rapport between the two prime ministers and their alignment on strategic objectives further strengthen this partnership. With the leadership of Prime Ministers Meloni and Modi, two cultural superpowers could very well be lighthouses to ships in today's storms and bring them to the shore. Senator Giulio Terzi di Sant'Agata is the President of the Italy-India Parliamentary friendship group, and Vas Shenoy is the Chief Representative for Italy of the Indian Chamber of Commerce (ICC).
Indian Express
14 minutes ago
- Indian Express
Apple's tariff-fueled iPhone sales surge raises doubts about sustainability
Apple's best revenue growth in three years failed to impress, with shares down about 1% in volatile trading on Friday, as investors questioned whether a tariff-driven surge in iPhone sales would last. A rush to buy iPhones ahead of potential U.S. tariff-driven price increases, along with China subsidies and upbeat demand for the budget 16e model launched in February, fueled a 13.5% jump in the quarterly sales of the device, crushing expectations. That pushed up total revenue by a better-than-expected 10% in the April-June period, and Apple issued an above-estimate sales forecast for the current quarter ending in September. The results came at a precarious time for the company long seen as Big Tech's safest bet. Beyond the tariff threats facing its manufacturing hubs China and India, Apple has been slow to move on artificial intelligence technology that its software and devices rivals have embraced as their next big growth driver. Analysts said the sales rebound in China, where local rivals have moved faster than Apple on AI features, was a positive. The company benefited in the world's largest smartphone market from a state subsidy program meant to prop up device sales. But they also warned the 'pull-in' boost was expected to be temporary, raising doubts about demand for the rest of the year. 'Pull-forward, remember, is not a U.S. issue. It's also a China issue. There, Apple's Pro model iPhones were too expensive to qualify for Chinese government subsidies that were being offered … so they cut prices to qualify, leaning into the volume opportunity. It worked,' MoffettNathanson analysts said. 'But as with the U.S., what does that mean for the rest of the year?' So far this year, Apple stock has underperformed all its 'Magnificent Seven' peers barring Tesla, with a decline of more than 17%. The S&P has risen 7.8% in the period Many of Apple's products are currently exempt from tariffs, and the company has also been rebalancing its supply chain to shield itself from the duties, sourcing iPhones from India and other products such as Macs and Apple Watches from Vietnam. The U.S. is currently negotiating trade deals with both China and India, with U.S. President Donald Trump saying India could face 25% tariffs as early as Friday. Apple said tariffs would raise costs by $1.1 billion in the current quarter after the company said it took an $800 million hit from tariffs in the third quarter. Its AI strategy also remains a concern after Apple delayed the release of an AI-enhanced version of Siri virtual assistant and was slow to launch Apple Intelligence. CEO Tim Cook said on Thursday the company was making good progress on Siri and that Apple is 'significantly growing' its investments in AI. 'Brand loyalty gives Apple time to get the AI transition right, but it needs to start delivering,' said Matt Britzman, senior equity analyst, Hargreaves Lansdown.
Time of India
43 minutes ago
- Time of India
The India-Italy partnership as champions for the Global South and the Indo-Mediterranean
On the 1st of March 2006, addressing the US Congress, the then Italian Prime Minister Silvio Berlusconi warned that over the next 25 years, two billion more people would mostly be born in countries excluded from prosperity, creating a world split between six billion living in poverty and fewer than two billion in wealth. He said this imbalance would drive massive migration and risk fueling hatred and fundamentalism. The solution, he argued, was to lift poor nations out of misery by spreading democracy, good governance, human rights, and free-market economies, which he described as both a moral duty and a vital interest. In a world marked by volatility where conflicts have erupted across the Indo-Mediterranean, tensions in the Indo-Pacific escalate amid China's aggressive posture, and the persistent threat of Islamic extremism continues to challenge global stability, Berlusconi's speech now resonates with prophetic clarity. Nearly two decades after that historic address, Prime Minister Giorgia Meloni has at last crafted a strategic response aimed at addressing the very challenges Berlusconi warned of, warnings that until now successive Italian Prime Ministers and much of the global leadership had largely overlooked. Explore courses from Top Institutes in Please select course: Select a Course Category Public Policy Management Finance Artificial Intelligence MBA Cybersecurity PGDM Operations Management Design Thinking CXO healthcare Product Management MCA Data Science Data Science Technology Project Management Digital Marketing Others Leadership Healthcare Degree Data Analytics others Skills you'll gain: Duration: 12 Months IIM Calcutta Executive Programme in Public Policy and Management Starts on undefined Get Details Skills you'll gain: Economics for Public Policy Making Quantitative Techniques Public & Project Finance Law, Health & Urban Development Policy Duration: 12 Months IIM Kozhikode Professional Certificate Programme in Public Policy Management Starts on Mar 3, 2024 Get Details Prime Minister Meloni's Piano Mattei is Italy's strategic framework for cooperation with Africa, focusing on five pillars: energy, water, agriculture, health, and education. Launched in early 2024 and rooted in 'partnership among equals,' it aims to tackle migration drivers and foster investment through public–private tools. She has successfully aligned the plan with the EU's Global Gateway, co-hosting a Rome summit with President Ursula von der Leyen in June 2025 where 11 agreements were signed. The initiative has positioned Italy as a key EU player in shaping Africa policy and development engagement, and Italy has taken the leadership of the EU's much lagging Africa outreach. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When the Camera Clicked at the Worst Possible Time Read More Under Prime Minister Narendra Modi's leadership, India has doubled down on a Global South leadership agenda by shepherding the African Union's entry into the G20 at the New Delhi Leaders' Summit in September 2023, which elevated African representation in the forum's core deliberations. It has convened the Voice of Global South Summits (January 2023 and August 2024) to channel developing country priorities into global diplomacy. Looking ahead, New Delhi is set to host the Quad Leaders' Summit in 2025, positioning Indo Pacific security dialogues alongside development concerns of the Global South. India is also a central player in an expanded BRICS, with the 2025 leaders' meeting in Rio de Janeiro offering another platform where it engaged in dialogues on finance, development and South-South partnerships. Without directly mentioning it, both Italy and India seek to counter China's debt heavy Belt and Road Initiative (BRI) and its rising military influence in the global south, especially Africa, a young continent, rich in natural resources and full of future potential. While PM Meloni seeks to harness the might of the European Union, PM Modi uses India's centuries of goodwill, colonial era diaspora and soft power. Despite using different strategies both agree on the importance of Africa and the global south to the future of humanity. India and Italy are both firm champions of a more equal, value driven world, where trade wars, proxy wars, natural calamities and pandemics are especially taxing to the poor and the vulnerable. Live Events Italy's vision of an enlarged Mediterranean extending to the Horn of Africa aligns naturally with India's MAHASAGAR initiative (Mutual and Holistic Advancement for Security and Growth Across Regions), launched in March 2025 which starts at the Gulf of Aden. Building on its predecessor SAGAR (2015), which focused largely on the Indian Ocean Region, MAHASAGAR broadens India's engagement with the wider Global South, including East Africa, by emphasizing capacity building, sustainable blue-economy growth, trade, connectivity, and security cooperation. It has cemented India's status as the Indian Ocean's primary maritime security provider and a 'first responder' in crises. MAHASAGAR is designed to counter threats such as piracy, illegal fishing, and maritime terrorism while reinforcing India's commitment to a free and rules-based maritime order, reflecting its ambitions as a Global South leader in ocean diplomacy. Given the shared geography of the Indo-Mediterranean, Italy and India have much to gain by leveraging the synergies between their ambitious initiatives. The challenges they face are common, and both countries are signatories to the India-Middle East-Europe Economic Corridor (IMEC), a major trade route linking the Indo-Pacific with Europe and the United States through the Middle East. While IMEC, which brings together the US, EU, India, Italy, Germany, France, UAE, Saudi Arabia, Israel, and potentially Greece and Cyprus, will require time to develop its infrastructure, a dedicated Indo-Mediterranean corridor between Italy and India could serve as a vital interim step. The upcoming entry into force of the India - European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) on 1st October 2025 underscores this need. Switzerland, the largest EFTA economy and demographically the largest member, is landlocked and heavily dependent on Italian ports for access to India. Experts and entrepreneurs point out the advantage of establishing a dedicated Italy-India-Switzerland maritime trade corridor which would boost TEPA's implementation while laying the groundwork for IMEC's eventual operation. Just as Trieste could serve as India's gateway to Europe's industrial heartlands and Central and Eastern Europe as Europe's IMEC terminal, other Italian ports could become India's entry points into Switzerland and Lombardy, Italy's economic powerhouse. Above all, Italy's southern ports and the infrastructure projects planned under the Mattei Plan complement India's Africa-focused Mahasagar strategy. The strong personal rapport between the two prime ministers and their alignment on strategic objectives further strengthen this partnership. With the leadership of Prime Ministers Meloni and Modi, two cultural superpowers could very well be lighthouses to ships in today's storms and bring them to the shore. Senator Giulio Terzi di Sant'Agata is the President of the Italy-India Parliamentary friendship group, and Vas Shenoy is the Chief Representative for Italy of the Indian Chamber of Commerce (ICC).
