Stellantis, one of the world’s top auto manufacturers, is set to unveil its first affordable, European-made electric vehicle (EV) this October. The Citroën e-C3, designed with a 320-kilometer (200 mile) range and the ability to fast charge in under an hour, is expected to hit the roads in the second quarter of 2024. The announcement represents a significant step in the European EV market, currently ruled by Chinese manufacturers.
The company reportedly aims to intensify its presence in the EV market by rolling out nine additional battery electric vehicles by the end of the year. By 2024, Stellantis anticipates having a total of 47 battery EVs in its fleet. Furthermore, Citroën is striving to achieve a fully electrified vehicle lineup by the end of 2024.
Stellantis’ strides in the EV market seem to be yielding results as the firm reported a 22% annual increase in battery EV sales during the first quarter of 2023. Meanwhile, shares of Stellantis saw a slight bump as markets opened on Friday.
According to the International Energy Agency, EV sales crossed the 10 million mark in 2022, with China responsible for around 60% of those sales. Europe, as the second-largest EV market, saw its sales increase by over 15% in the same year.
Jim Rowan, CEO of Volvo Cars, shared his views on China’s current hold on the EV market. He commented that new fully electric brands are emerging in China, resulting in a “somewhat turbulent, and a little bit chaotic” market.
He predicts these Chinese brands may find more difficulty achieving success in Europe and America compared to their home market. This suggests a window of opportunity for companies like Stellantis to gain ground in the evolving global EV market.