Stellantis (NYSE:STLA) and China's Leapmotor revealed that they are set to begin taking orders in Europe for a city car and an SUV, as they expand their budget electric vehicle (EV) offerings in the region.

Stellantis is leading a 51:49 operating agreement for the joint venture Leapmotor International, as the Leapmotor C10 and T03 media event takes place in Milan.

This strategic partnership aims to accelerate and boost Leapmotor's product sales globally, excluding Greater China, by leveraging Stellantis' global resources and commercial expertise to offer affordable prices.

Earlier this week, the company was in the headlines after it confirmed that it is looking for a new CEO to replace Carlos Tavares.

Also Read: Stellantis Begins Search For New CEO To Succeed Carlos Tavares (Updated)

Tavares took the helm of the company in January 2021. The search for a new CEO is part of the normal process of determining leadership succession "given the importance of the position," a Stellantis media representative told Benzinga in a statement.

Tavares' contract is set to expire in 2026. The company added that there is still a possibility that the current CEO will stay in the role for longer.

Earlier this month, President of U.S. Stellantis National Dealer Council (NDC) Kevin Farrish reportedly wrote to company CEO Tavares, accusing him of "short-term decision-making" and urged that the CEO spend more to clear older inventory.

Meanwhile, the carmaker Stellantis reportedly responded that it takes "absolute exception" to the open letter sent by the Farrish, terming it a "public personal attack."

Price Action: STLA shares are trading lower by 1.70% to $15.30 at last check Wednesday.

Photo by Jonathan Weiss on Shutterstock

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