Stellantis to reveal its first Europe-made affordable electric vehicle

Stellantis, the world’s third-largest automaker by revenue, will launch its first European-made affordable electric car in mid-October.

Citroen says the new Citroen e-C3 has a range of 320 kilometers and a ‘fast charge’ time of 57 minutes explain. The company said it expects to have preorders available by the end of this year, with deliveries beginning in the second quarter of 2024.

Stellantis said last month it would add Nine new battery electric vehicles This year, the European automaker is looking to make further inroads into a lucrative market currently dominated by Chinese manufacturers. The company aims to have a total of 47 fully electric vehicles on the market by the end of 2024, a May press release said.

Citroen itself aims to electrify its entire range by the end of 2024.

According to the company’s report, sales of Stellantis pure electric vehicles in the first quarter of 2023 will increase by 22% year-on-year.

Shares in Stellantis were up 0.2 percent at the open at 8 a.m. London time on Friday.

The International Energy Agency predicted in April that sales of electric vehicles would exceed 10 million in 2022, with China accounting for about 60% of the market.

Europe is the second-largest market for electric vehicles, with sales growing by more than 15% in 2022, the energy regulator said. EV purchases are expected to grow to 25.9 million in 2028.

China is unlikely to dominate the electric vehicle market in the future, Volvo Cars CEO Jim Rowan told CNBC on June 8.

“We’re seeing a lot of new pure electric brands … popping up in China, and that’s causing some volatility in the market, where people are fighting each other for status,” Rowan said.

“I think it’s proving to be more difficult for them to succeed in Europe and the U.S. than in China,” he added.

— CNBC’s Charlotte Reed and Anmar Frangoul contributed to this report.