Zhejiang Leapmotor Technology (HKG:9863) agreed with FAW Group to deliver a global electric vehicle platform to boost sales of the latter's Hongqi luxury brand, Reuters reported Thursday, citing executives from both Chinese automobile companies.
Leapmotor's chief executive officer, Zhu Jiangming, told Reuters at the Shanghai auto show that the partnership was already finalized and the new model of the Hongqi brand will begin mass production in the second half of 2026, the report said.
Moreover, Leapmotor is hoping to develop a new model for Ferrari that will be based on its electric vehicle model as it conducts negotiations with the Italian luxury sports car manufacturer, the report said.
Ferrari did not immediately respond to Reuters' request for comment, the report said.
Leapmotor's shares rose more than 2% in recent trade.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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