Stellantis' upcoming Citroën e-C3 nears completion

author: FutureCar Staff    

Stellantis CEO Carlos Tavares has announced that the automaker's new battery electric vehicle (BEV) model will be a strong contender against the "Chinese invasion" of the European market. During the first half results conference call, Tavares highlighted the Citroën e-C3 as an affordable and trendy option for middle-class drivers. The e-C3 is currently in the final stages of production and is set to launch in Europe in early 2024.

Tavares emphasized that the e-C3 is just the first step in 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." The e-C3 is expected to be priced under €25k and is projected to be profitable for Stellantis while gaining a significant market share in the future. 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. He highlighted the need for a sourcing proposal that allows Stellantis to sell the e-C3 at a competitive price. Tavares mentioned two possible approaches: finding breakthroughs in design to reduce costs or adopting a cost structure similar to that of Chinese competitors. He also expressed the assumption that Chinese car makers do not receive specific subsidies to gain a competitive advantage in foreign markets.

Tavares stressed the importance of a competitive cost structure to ensure the profitability of the Citroën e-C3. He stated, "You have to have a very competitive cost structure, which means a significant LCC-based cost structure." He expressed confidence in Stellantis' ability to meet this requirement, saying, "We believe we now have the right formula... We are blessed with the fact that we are ready for when the Chinese come."

Stellantis reported strong financial results for the first half of 2023. Net revenues reached €98.4 billion, a 12% increase compared to the same period in 2022, driven by higher shipments. The net profit for the period was €10.9 billion, a 37% increase compared to the first half of 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 the announced €1.5 billion share buyback program before the end of 2023, further demonstrating its commitment to enhancing shareholder value.

FutureCar Staff