BRIEF: Leapmotor to assemble electric vehicles in Myanmar

Electric vehicle maker Zhejiang Leapmotor Technology Co. Ltd. (9863.HK) said it has signed an agreement to assemble cars in Myanmar, part of its strategy to expand into Southeast Asia. Under its agreement with NPK Motor signed on Nov. 25, Leapmotor will assemble cars from kits in the Southeast Asian nation, according to a report in CnEVPost.

Leapmotor did not specify where the kits would come from. But they would most likely be imported from its home base in China. NPK Motor is Myanmar’s top EV-selling car dealer, according to Leapmotor’s press release on WeChat.

Leapmotor delivered 211,038 vehicles in the first 10 months of this year, nearly double its deliveries in the year-ago period. It is targeting 250,000 EV deliveries for the whole year. The company is expanding overseas in a partnership with European auto giant Stellantis (STLA.US) under a major alliance signed last year.

By Doug Young

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