AsianFin -- Chinese EV maker Leapmotor has signed a deal with state-owned FAW Group to provide an electric vehicle platform for Hongqi, a historic domestic brand aiming to grow overseas. Executives confirmed the partnership during the 2024 Shanghai Auto Show.

The collaboration links two very different players. Leapmotor, a fast-growing tech-savvy EV startup, will support Hongqi, China’s oldest automaker known for producing official cars for Communist Party leaders. In recent years, Hongqi has rebranded as a premium nameplate.

For Leapmotor, the deal is another milestone. The company has already drawn attention with a partnership with Stellantis and the launch of its budget-friendly, lidar-equipped B10 electric SUV priced under $18,000.

"We have finalized the partnership to jointly develop a model for overseas markets," said Leapmotor CEO Zhu Jiangming in an interview.

Production of the new Hongqi-branded EV is set to begin in the second half of 2026.

Zhu also revealed that Leapmotor is in early talks with Ferrari, suggesting growing interest in the company’s EV architecture from legacy global brands.