Stellantis, which owns brands including Maserati, said on Thursday it plans to invest around 1.5 billion euros ($1.58 billion) for a 20 percent stake in Chinese NEV startup Leapmtor.

The two companies also plan to build a joint venture that has exclusive rights for the export and sale, as well as manufacturing of Leapmotor products outside China.

This will be an industry-first EV relationship between a globally leading automaker and a Chinese NEV maker.

Stellantis said it intends to leverage Leapmotor's innovative, cost-efficient EV ecosystem in China to help meet core its electrification targets.

Focused on the mid-to-high end market, being the largest and fastest-growing segment in China, Leapmotor delivered around 111,000 NEV units in 2022, putting it into the first tier among China's NEV makers.

In the next three years, the startup plans to have products in all segments, based on one architecture with three scalable platforms with both EV and range-extender powertrains.

"As consolidation unfolds among the capable electric vehicles start-ups in China, it becomes increasingly apparent that a handful of efficient and agile new generation EV players, like Leapmotor, will come to dominate the mainstream segments in China," said Stellantis CEO Carlos Tavares.

Stellantis sees Leapmotor's products to be complementary to its current technology and portfolio of its own brands, hoping that the startup will bring more affordable mobility solutions to global customers.

The partnership is expected to further boost Leapmotor's sales in China, the biggest market in the world, while accelerating its sales in other regions, starting with Europe, by leveraging Stellantis' global presence.

Leapmotor Founder and CEO Zhu Jiangming said "We believe in win-win partnerships formed by strong players in the fast-evolving environment."