Citroën e-C3 nearing completion

author: FutureCar Staff    

Stellantis CEO Carlos Tavares is determined to combat the "Chinese invasion" of the European market with the automaker's new all-electric vehicle (BEV) model. During the first half results conference call, Tavares highlighted the Citroën e-C3 as an affordable and fashionable option for middle-class drivers. The e-C3 is nearing the end of its development phase and is set to launch in Europe in early 2024.

Tavares emphasized that the e-C3, expected to be priced below €25k, is just the beginning of Stellantis' response to the Chinese competition in the European market. He stated, "We will fight with this kind of product, and we have more coming." While aiming for affordability, Tavares also stressed that the e-C3 will be profitable for Stellantis and will secure a significant market position. The official unveiling of the e-C3 is scheduled for mid-October this year.

During the Q&A segment of the call, Tavares addressed the issue of Chinese competition and the need for a sourcing proposal to sell the e-C3. He outlined two possible approaches: finding design breakthroughs to reduce costs or adopting a cost structure similar to that of Chinese competitors. Tavares assumed that Chinese car makers do not receive specific subsidies to gain a competitive advantage abroad. He emphasized the importance of having a competitive cost structure, particularly one based on low-cost country sourcing (LCC), to ensure the profitability of the Citroën e-C3.

Tavares expressed confidence in Stellantis' ability to face the Chinese competition head-on, stating, "We believe we now have the right formula... We are blessed with the fact that we are ready for when the Chinese come." In terms of financial performance, Stellantis reported net revenues of €98.4 billion, a 12% increase compared to the first half of 2022. This growth is attributed to higher shipments. The net profit for the same period was €10.9 billion, a 37% increase compared to H1 2022.

In addition to its revenue growth, Stellantis also repurchased €0.7 billion in shares during the first half of 2023. The company expects to complete its announced €1.5 billion share buyback program before the end of 2023, further demonstrating its commitment to enhancing shareholder value.

FutureCar Staff