Stellantis' upcoming Citroën electric car nears completion

author: FutureCar Staff    

Stellantis CEO Carlos Tavares has announced that the automaker's new battery electric vehicle (BEV) model will combat the "Chinese invasion" of the European market. During the company's first half results conference call, Tavares revealed that the Citroën e-C3, described as an "affordable, fresh and trendy" option, is nearing the end of its production phase and will be launched in Europe in early 2024.

Tavares highlighted that the e-C3, expected to be priced at under €25k, is just the first step in Stellantis' response to the increasing presence of Chinese car manufacturers in Europe. He stated, "We will fight with this kind of product, and we have more coming." The CEO also emphasized that while the e-C3 aims to be affordable, it will also be profitable for Stellantis and hold a significant market position. The vehicle is set to be unveiled in mid-October of this year.

During the Q&A portion of the conference call, Tavares addressed the issue of Chinese competition and the need for a sourcing proposal that allows Stellantis to sell its cars, including the e-C3. He explained that the company must either find breakthroughs in design to reduce costs or adopt a similar cost structure as Chinese competitors. Tavares assumed that Chinese car makers do not receive specific subsidies to gain an advantage abroad. He emphasized the importance of a competitive cost structure, specifically one based on low-cost country sourcing.

Tavares expressed confidence in Stellantis' ability to make the Citroën e-C3 profitable, stating that the company has the right formula. He added, "We are blessed with the fact that we are ready for when the Chinese come."

Stellantis reported a 12% increase in net revenues, reaching €98.4 billion in the first half of 2023 compared to the same period in 2022. The growth was attributed to higher shipments. The company's net profit also rose by 37% to €10.9 billion compared to H1 2022. Additionally, Stellantis repurchased €0.7 billion in shares during the first half of the year and expects to complete its announced €1.5 billion share buyback program by the end of 2023.

FutureCar Staff