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The correct answer is:
2. Each of the project leaders are in charge of developing one new product design
There should be a full stop after the sentence. There is no use of period in the end of the sentence which makes it grammatically wrong.
What is a period in a sentence?
A period is a punctuation mark indicating a full stop. It is placed in the end of declarative sentences. It is one of three punctuation marks for the end of a sentence, along with question marks and exclamation points.
Since the given sentence is a declarative sentence it should end with a period. Hence, it is considered as the grammatically wrong sentence.
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