Stellantis' upcoming electric Citroën e-C3 nearing completion

author: FutureCar Staff    

Stellantis CEO Carlos Tavares has announced that the company's new battery electric vehicle (BEV) model will combat the increasing presence of Chinese automakers in the European market. During the automaker's conference call for its first half results, Tavares revealed that the Citroën e-C3 will be the first affordable and stylish 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, expected to be priced under €25k, is just the beginning of Stellantis' response to the "Chinese invasion" in Europe. He stated, "We will fight with this kind of product, and we have more coming." While the e-C3 aims to be affordable, Tavares also assured that it will be profitable for Stellantis and will secure a significant position in the market. The official unveiling of the e-C3 is planned for mid-October of this year.

During the Q&A segment of the conference call, Tavares addressed the issue of Chinese competition. He acknowledged the need for a sourcing proposal that allows Stellantis to sell the e-C3 and outlined two possible approaches. The first is to achieve breakthroughs in design-to-cost, while the second involves adopting a similar cost structure as Chinese competitors. Tavares assumed that Chinese car manufacturers do not receive specific subsidies to gain a competitive advantage abroad.

Tavares stressed the importance of maintaining 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, stating, "We believe we now have the right formula... 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 2023, representing a 12% increase compared to the same period in 2022. This growth is attributed to higher shipments. The company's net profit also saw a significant rise, reaching €10.9 billion, a 37% increase compared to the first half of 2022.

In addition to its revenue growth, 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