stellantis 零跑-2023-10-企业研究

StrategicPartnershipAnnouncement

October26,2023

2022/02/24-#StellantisDareForward-ConfidentialDocument–Rev9.0

Thispresentationcontainsforward-lookingstatements.Inparticular,statementsregardingfuturefinancialperformanceandtheCompany’sexpectationsastothe

achievementofcertaintargetedmetrics,includingrevenues,industrialfreecashflows,vehicleshipments,capitalinvestments,researchanddevelopmentcostsandotherexpensesatanyfuturedateorforanyfutureperiodareforward-

lookingstatements.Thesestatementsmayincludetermssuchas“may”,“will”,“expect”,“could”,“should”,“intend”,“estimate”,“anticipate”,“believe”,“remain”,“ontrack”,“design”,“target”,“objective”,“goal”,“forecast”,“projection”,

“outlook”,“prospects”,“plan”,orsimilarterms.Forward-lookingstatementsarenotguaranteesoffutureperformance.Rather,theyarebasedontheCompany’scurrentstateofknowledge,futureexpectationsandprojectionsaboutfuture

eventsandarebytheirnature,subjecttoinherentrisksanduncertainties.Theyrelatetoeventsanddependoncircumstancesthatmayormaynotoccurorexistinthefutureand,assuch,unduerelianceshouldnotbeplacedonthem.

Actualresultsmaydiffermateriallyfromthoseexpressedinforward-looking

statementsasaresultofavarietyoffactors,including:theCompany’sabilitytolaunchnewproductssuccessfullyandtomaintainvehicleshipmentvolumes;

changesintheglobalfinancialmarkets,generaleconomicenvironmentand

changesindemandforautomotiveproducts,whichissubjecttocyclicality;the

Company’sabilitytorealizetheanticipatedbenefitsofthemerger;theCompany’sabilitytoofferinnovative,attractiveproductsandtodevelop,manufactureand

sellvehicleswithadvancedfeaturesincludingenhancedelectrification,

connectivityandautonomous-drivingcharacteristics;thecontinuedimpactof

unfilledsemiconductororders;theCompany’sabilitytosuccessfullymanagetheindustry-widetransitionfrominternalcombustionenginestofullelectrification;

theCompany’sabilitytoproduceorprocureelectricbatterieswithcompetitive

performance,costandatrequiredvolumes;asignificantmalfunction,disruptionorsecuritybreachcompromisinginformationtechnologysystemsortheelectronic

controlsystemscontainedintheCompany’svehicles;exchangeratefluctuations,interestratechanges,creditriskandothermarketrisks;increasesincosts,

disruptionsofsupplyorshortagesofrawmaterials,parts,componentsand

systemsusedintheCompany’svehicles;changesinlocaleconomicandpolitical

conditions;changesintradepolicy,theimpositionofglobalandregionaltariffsortariffstargetedtotheautomotiveindustry,theenactmentoftaxreformsorotherchangesintaxlawsandregulations;thelevelofgovernmenteconomicincentivesavailabletosupporttheadoptionofbatteryelectricvehicles;varioustypesof

claims,lawsuits,governmentalinvestigationsandothercontingencies,includingproductliabilityandwarrantyclaimsandenvironmentalclaims,investigationsandlawsuits;materialoperatingexpendituresinrelationtocompliancewith

environmental,healthandsafetyregulations;thelevelofcompetitioninthe

automotiveindustry,whichmayincreaseduetoconsolidationandnewentrants;

theCompany’sabilitytoattractandretainexperiencedmanagementand

employees;exposuretoshortfallsinthefundingoftheCompany’sdefinedbenefitpensionplans;theCompany’sabilitytoprovideorarrangeforaccesstoadequatefinancingfordealersandretailcustomersandassociatedrisksrelatedtothe

establishmentandoperationsoffinancialservicescompanies;theCompany’s

abilitytoaccessfundingtoexecuteitsbusinessplan;theCompany’sabilityto

realizeanticipatedbenefitsfromjointventurearrangements;disruptionsarisingfrompolitical,socialandeconomicinstability;risksassociatedwiththeCompany’srelationshipswithemployees,dealersandsuppliers;theCompany’sabilityto

maintaineffectiveinternalcontrolsoverfinancialreporting;developmentsinlaborandindustrialrelationsanddevelopmentsinapplicablelaborlaws;earthquakesor

otherdisasters;andotherrisksanduncertainties.Anyforward-looking

statementscontainedinthisdocumentspeakonlyasofthedateofthisdocumentandtheCompanydisclaimsanyobligationtoupdateorrevisepubliclyforward-

lookingstatements.FurtherinformationconcerningtheCompanyandits

businesses,includingfactorsthatcouldmateriallyaffecttheCompany’sfinancialresults,isincludedintheCompany’sreportsandfilingswiththeU.S.SecuritiesandExchangeCommissionandAFM.

SAFEHARBORSTATEMENT

2022/02/24-#StellantisDareForward-ConfidentialDocument–Rev9.0

EXECUTIVESUMMARY

COMMERCIALPARTNERSHIP

CLEARVALUECREATION

OPPORTUNITIES

INDUSTRY-FIRSTGLOBAL

Uniqueandinnovativepartnership

betweenleadingglobalOEMand

ChineseNEVpureplayOEM

€1.5Binvestment

Acquiring~20%ofLeapmotorcommonshares

>1MunitsinChina

Leapmotor2030domesticsalesambition

>500kunitsinternationally

Stellantis/LeapmotorJVsalesin2030,JV51%Stellantisowned

LEAPMOTOR,A

TECH-DRIVENEVLEADER

Technology-first,highly

verticalizedstrategymaximizes

scalability

Top4insales(1)

AmongstChineseNEVpureplay

OEMsandclosinggapwithpodium

AtoEsegmentoffering

FullEVsegmentcoverageby2025

23High-levelADASfeatures

Powerfultechnological

capabilities

Significant,profitablegrowth

opportunitythroughcombination

ofrespectiveexpertise

Expandeddistribution

StrengthenedbyStellantis’

globalreach

Technologyandvalue

AcceleratedbyLeapmotor’s

tech-firstDNA

ChineseEVecosystem

Maximizedaccesstoinnovative,cost-competitivecomponents

3

(1)AsofSeptember30,2023;Source:InsurancevolumebyCATARC(ChinaAutomotiveTechnologyandResearchCenter)

2022/02/24-#StellantisDareForward-ConfidentialDocument–Rev9.0

2022/02/24-#StellantisDareForward-ConfidentialDocument–Rev9.0

SalesCAGR

from2020to2022

101%

66%

110%

387%

279%

220%

n.m.n.m.n.m.n.m(.2)

AB

CDEFGHI

Top10ChinaNEVPureplayers

asofSepYTD2023

808078

Kunits

245

112

37

17766

CD

LEAPMOTOR,ASTRATEGICALLY-POSITIONED

CHINESEEVOEM

LEADING

INNOVATIVE

TECHNOLOGY

•SmartEVswithfrequentupgrades

•ProprietaryfullstackADAS

•World’sfirstcell-to-chassismassproduction

STRONG

•D•O•2•S

VERTICAL

INTEGRATION

riveTrain&Battery(excl.cells)

peratingsystemsandallE/Earchitecture3High-levelADASfunctions

martCockpitTechnologieswithOTA(1)

•C•T•T

ESTABLISHED

COMPETITIVENESS

PROVEN&

oversfastestgrowingsegments

op#4inChinaNEVpureplayerOEMs

03AwardedJDPower#1QualityforsmallEVsegment

G

B

A

E

F

H

I

(3)

(1)OvertheAirupdates

(2)n.m.=Notmeaningful,i.e.<1kunitsin’20

4

(3)NEVPureplayersinclude:Aito,HiPhi,Hycan,Leapmotor,LiAuto,Lingbao,Neta,Nio,SkyworthandXPeng

Source::InsurancevolumebyCATARC

T03

C01

•Mid-sizeSUVdesignedforglobalexportfromlate-2024

•BuiltonlatestLEAP3.0technicalarchitecture

•UtilizingFour-LeafClover™proprietary,centralintegratedE/Earchitecture

•FirstLeapmotormodeltofeatureLiDARrooftechnology

C10

LEAPMOTOROFFERINGSPRIMEDFORGLOBALIZATION

C11

NEWPRODUCTSENHANCINGANEXISTINGPOWERFULLINEUP,

EQUIPPEDWITHSTRONGTECHANDPERFORMANCECAPABILITIES

5

2022/02/24-#StellantisDareForward-ConfidentialDocument–Rev9.0

PARTNERSHIPTO

ACCELERATEGROWTH

x3

GrowthexpectedinNEVpassengervehiclesales(PV)from‘21to’26(1)

Significantconsolidation

expectedamongstChineseOEMsintheyearstocome;scalebecomescriticalsuccessfactor

10.6M

3.3M

20212026E

LEAPMOTOR’SSTRONGCHINESEMARKETPROSPECTS

LONG-TERMCHINA

DOMESTICOPPORTUNITY

6

(1)Source:Frost&Sullivan

Significantinvestmentcapital

majorityof1.5Binvestmentprimarycapital

Increasedleverage

ofvaluabletechnologyassets

Maximizedutilization

ofmanufacturingfootprint

Shanghai

Hangzhou

Jinhua

•HQandR&DCenterin

Hangzhou

•3plants:2inJinhua,1inHangzhou(2026)

2022/02/24-#StellantisDareForward-ConfidentialDocument–Rev9.0

2022/02/24-#StellantisDareForward-ConfidentialDocument–Rev9.0

PLANTOSCALE

SUSTAINABLY

KEYSUCCESS

METRICS

>500kunitsannuallyexportedthroughJVby2030

AccretivetoStellantisAOIfrom2025

SupportiveofStellantis’industry-leadingAOImarginprofile

GLOBALOPPORTUNITIESFORSTELLANTIS/LEAPMOTORJV

PARTICIPATINGINCHINESEEXPORTOFFENSIVE

GrowingexportsgloballybyleveragingStellantis’assets,know-howandnetworkaroundtheworld

Chinaisthe#1vehicleexporterwithmoregrowthexpected

Enlarged

Europe

MiddleEast&Africa

South

America

2024

2025

2025

LeadingEV-ecosystemfostershighinnovation

Significantproductioncostadvantage

Strongtechcontentinvehicles

Youngerbuyersvaluetechfeatures

RisingaffinityforEV-pureplay

CostprimaryfactorinEV-adoptiondecision

ChineseAutomobileExports(1)

1.0

2.0

3.1

4.4

5.3

8.6

2020202120222023P2025E2030E

7

(1)Source:ChinaAssociationofAutomobileManufacturers(2020-2021);SouthChinaMorningPost(2023P);

GasgooAutomotiveInstitute(2005Eand2030E)

EXPAND

AddsEVpureplaytoStellantis’offerings

ENABLE

Costefficient

approachtobest-in-

classtechnology

unlockexportopportunity

8

EVOLVE

-

50%

CARBON

FOOTPRINT

CUSTOMEREXPERIENCE

#1

FINANCIALS

X2Revenues

DoubleDigitmargins

100%50%

EV

SALESMIX

"AssetLight"forStellantisbrands

inChina,investingprimarilyto

ACCELERATE

STRONGALIGNMENTWITHDAREFORWARD2030

BENEFITSOFPARTNERSHIP

Fast-to-marketlaunchofsmartand

affordableEVs

2022/02/24-#StellantisDareForward-ConfidentialDocument–Rev9.0

DealSigning

LeapmotorEGMto

approveJVConnected

Transactions

Stellantistakes

deliveryofLeapmotor

shares

Stellantis/Leapmotorregulatoryapprovals

ExpectedstartofJVShipments

TRANSACTIONTIMELINE&DETAILS

TIMELINE

•Acquiring~20%ofLeapmotorthroughcapitalincreaseaswellasacquisitionofsharesfromsellingshareholders,Stellantis