Stellantis acquires 20% stake in Chinese EV maker Leapmotor: Global automaker Stellantis has inked an agreement to buy a 21.2% stake in Chinese EV maker Leapmotor for around USD 1.1 bn, Bloomberg reported last week. Leapmotor and Stellantis will set up a JV to sell Leapmotor cars outside of China.

REMEMBER- Stellantis is also expanding in our region: The global automaker said it will start manufacturing a new battery-powered Fiat 600 compact SUV in Morocco last July. It's also among the companies that expressed interest in investing USD 145 mn in Egypt's auto industry to produce 60k-70k EVs and combustion engine vehicles annually.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Tesla’s shares fall on news of downbeat outlook: Tesla saw its shares drop a further three percentage points on market close last Wednesday following a conference call in which its CEO Elon Musk said the company would face “an extremely difficult” uptick in production as high interest rates are expected to limit EV affordability. (Financial Times)
• Indonesia tests first SAF-fuelled commercial flight: Indonesian flagship carrier Garuda tested its first commercial flight using sustainable aviation fuel (SAF) mixing biofuels with jet fuel to reduce emissions. (Bloomberg)
• Adani wants to drum up green hydrogen funds: Adani Group is seeking a USD 4 bn investment to develop plants to produce low-cost green hydrogen. The group is planning to spend USD 20 bn on renewable energy projects over the next decade. (Bloomberg)