Automaker Stellantis plans to launch a second, lower-priced electric vehicle to compete with Renault and Chinese automakers as consumers seek more affordable electric vehicles, according to reports. In an interview, Olivier Francois, chief executive of Stellantis’ Fiat brand, said the low-priced all-electric model, inspired by the Fiat Panda, will cost less than 25,000 euros ($27,347) and is expected to launch in July 2024. , rivals include the Renault Dacia Spring, which is produced in China. The text of Bloomberg’s report did not specify the specific target Chinese automaker, but BYD was mentioned in the headline.
As recently as June, it was reported that Stellantis’ Citroen brand planned to start selling the e-C3, an affordable electric car priced below 25,000 euros, early next year to compete with cheaper Chinese cars for customers in the mainstream market. Citroen’s e-C3 city car has a range of more than 300 kilometers (186 miles) on a single charge, taking on the Dacia Spring and Renault’s forthcoming Renault 5 EV. To control costs, Stellantis will produce the e-C3 in Slovakia.
Currently, automakers are struggling to retain consumers in mainstream markets whose spending power has declined due to inflation. Pressure is mounting on European automakers to introduce affordable electric vehicles as Chinese automakers enter the European market. Fiat also plans to re-launch its most popular product, the 500e, in the United States.
The market “really needs more affordable electric vehicles,” Francois said. For the new electric version of the Panda model, Francois said that “it is likely to form a synergy with the platform used by Citroen e-C3.”