Leapmotor plans to join Series A funding of FAW subsidiary

Leapmotor plans to take part in a Series A financing round for Qixin Power, a powertrain subsidiary of state-owned automaker FAW Group, as a strategic investor, FAW said on Sept 17. Under a letter of intent signed in Huzhou, Zhejiang province, Leapmotor and Qixin Power will explore cooperation and resource sharing in powertrain products and technologies, including hybrid engines, electric drive systems and range extenders. FAW’s battery unit, China Automotive New Energy Battery Technology Co, also agreed to work with Leapmotor on advanced battery development, including solid-state, lithium-rich manganese-based, sodium-ion and ultra-fast-charging lithium iron phosphate (LFP).