Stellantis' upcoming Citroën e-C3 nears completion.

author: FutureCar Staff    

Stellantis CEO Carlos Tavares is determined to combat the "Chinese invasion" of the European market with the introduction of the automaker's new BEV model. During the company's first half results conference call, Tavares highlighted the Citroën e-C3 as an affordable and trendy option for middle-class drivers. The e-C3, expected to be priced under €25k, is nearing the end of its industrialization process and is set to launch in Europe in early 2024.

Tavares emphasized that the e-C3 is just the first step in Stellantis' strategy to counter the Chinese competition in the European market. He stated, "We will fight with this kind of product, and we have more coming." Despite its affordability, Tavares assured that the e-C3 would also be profitable for Stellantis and hold a significant position in the market. The official unveiling of the e-C3 is scheduled for mid-October of this year.

During the Q&A segment of the conference call, Tavares addressed the issue of Chinese competition and the need for a sourcing proposal to sell the e-C3. He outlined two 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 a competitive cost structure, particularly one based on a significant LCC (Low-Cost Country) framework.

Tavares expressed confidence in Stellantis' ability to make the Citroën e-C3 profitable, stating that they have found the right formula. He added, "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 for the first half of the year, representing a 12% increase compared to H1 2022. This growth can be attributed to higher shipments. The company's net profit also rose by 37% to reach €10.9 billion compared to the same period last year.

Furthermore, Stellantis 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.

FutureCar Staff