Stellantis Seeks Chinese Partner to Rescue Struggling European Operations

Stellantis is reportedly holding multiple discussions with Chinese automakers to find a financial partner for its struggling European operations. Xiaomi and Xpeng are said to be in the running, with negotiations focusing on stakes in brands like Maserati or Opel. The group's goal: to concentrate its investments on North and South America.

"Discussions notably involve the acquisition of stakes in Maserati or other brands in the European portfolio" — Sources close to the matter, according to Bloomberg

A Strategy of Geographic Refocusing

New CEO Antonio Filosa is not hiding his intentions. After announcing a €22 billion impairment on North American electric activities in February, Stellantis is now looking to reduce its European exposure. The group, which owns Fiat, Alfa Romeo, Citroën, Peugeot, DS, and Opel in the Old Continent, sees its sales stagnating in a region where the electric transition is faltering.

Discussions with Chinese automakers are said to have been ongoing for several months. Xiaomi and Xpeng, two major players in the electric sector, are reported to have already been approached to explore "restructuring options" for the European side. In the real world, this means Stellantis is looking for fresh cash to avoid dipping into its own reserves.

The Chinese Tech Bait

Officially, Stellantis justifies this move as gaining access to "advanced electric vehicle and software technologies." An explanation that holds water when you observe the group's technological lag behind Chinese automakers. BYD batteries show energy densities 20% higher than European solutions, and Chinese infotainment systems regularly embarrass their Western counterparts.

Problem: Stellantis already has a Chinese partner with Leapmotor. The group owns 51% of Leapmotor International, the joint venture responsible for sales outside China. This alliance was precisely intended to provide access to Chinese technologies to improve European models.

Opel in the Crosshairs

The most concrete example of this enhanced collaboration could come from Opel. Reuters reveals that Stellantis is in advanced negotiations with Leapmotor to develop an electric SUV based on the B10 platform. This compact crossover, on sale in Europe since September, has a price tag of €34,900 for 420 kilometers of WLTP range.

The future Opel model would retain European design but adopt Leapmotor's electronic and electrical components. An approach that would drastically reduce development costs. The two vehicles would be produced at the Stellantis plant in Zaragoza, Spain, starting in 2027.

What Autonomy for European Brands?

The thorny question remains the independence of the historic brands. Maserati, cited in the discussions, represents the technological spearhead of Stellantis with its electrified supercars. Ceding shares in this brand would amount to abandoning part of the group's sporting DNA.

For Opel, the situation is different. The German brand has struggled to regain profitability since its acquisition from General Motors in 2017. Its repositioning on electric (100% electric by 2028) requires investments that Stellantis seems reluctant to shoulder alone.

What is Opel Really Worth Today?

Analysts estimate Opel's value between €3 and €5 billion, equivalent to the market capitalization of Nio or Li Auto. For a Chinese automaker, buying a stake in Opel would offer direct access to the European market, avoiding the 38.1% tariffs imposed on Chinese vehicles.

European production of Chinese vehicles remains marginal: less than 50,000 units in 2025. A stake in Opel could multiply this figure by ten by utilizing the existing capacities of Zaragoza (240,000 vehicles per year) and Eisenach (180,000 units).

The Survival Bet

This strategy reflects a brutal reality: Stellantis can no longer finance its electric transformation on all continents by itself. The group has already reduced its investments in North America (-30% in 2025) and is now seeking to do the same in Europe.

Traditional European automakers are w