FAW, China's oldest carmaker, eyes 10% of Leapmotor to boost stake in EV surge
The investment would pave the way for the two companies to jointly develop new EV models, fine-tune supply-chain management and bolster overseas expansion, the report said.
Leapmotor declined to comment, while FAW could not be immediately reached for comment on Wednesday.
Two sources with knowledge of FAW and Leapmotor's thinking said the companies were putting the final touches on an investment agreement that would benefit both parties by controlling costs and boosting research and development.
FAW's Hongqi cars are assembled in Changchun, capital of Jilin province. Photo: Xinhua
The deal would make FAW China's first state-owned carmaker to own a stake in an EV start-up.
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