FAW Group, Leapmotor sign strategic cooperation MoU to strengthen NEV development

Shanghai (Gasgoo)- On March 3, 2025, China's FAW Group and Leapmotor signed a Memorandum of Understanding (MoU) on Strategic Cooperation in Changchun city, marking the beginning of their partnership as the automotive industry faces growing competition in electrification and intelligence, according to a post on Leapmotor's WeChat account.

Photo credit: FAW Group

The collaboration aims to leverage their respective strengths, integrate technological resources, and enhance product competitiveness in the new energy vehicle (NEV) sector.

The strategic cooperation will unfold across two key dimensions. First, FAW Group and Leapmotor will combine their R&D expertise to jointly develop new energy passenger vehicles and key components, enhancing their technological synergies to create more competitive products. Second, the two companies will explore opportunities for deeper capital collaboration, aiming to align resources across the entire industry chain through financial cooperation.

As a leading player in China's automotive industry, FAW Group has pursued a dual strategy of independent innovation and open collaboration since its founding in 1953. Through breakthroughs in core technologies and continuous upgrades to its high-end brand portfolio, FAW Group has consistently delivered cutting-edge, high-quality products. In 2024, it achieved a delivery volume of over 3.2 million vehicles, with its Hongqi brand recording seven consecutive years of growth. The company is now accelerating its "All in NEV" transformation strategy to drive global expansion.

Meanwhile, Leapmotor, a technology-driven smart NEV manufacturer, has adhered to its philosophy of independent R&D and full-stack in-house development since its inception. By producing high-value components in-house, the company has delivered better-equipped, high-quality NEVs at competitive prices through continuous innovation. In 2024, Leapmotor delivered nearly 300,000 vehicles, surpassing its annual target and achieving profitability in the fourth quarter.