Stellantis to reveal its first Europe-made affordable electric vehicle

Stellantis, the third-largest carmaker successful the satellite by revenue, volition uncover its archetypal European-made, affordable electrical car successful mid-October.

The caller Citroën e-C3 exemplary volition person a 320-kilometre scope and a 57-minute "fast charge" capability, Citroën says. The institution says it expects to marque pre-bookings disposable by the extremity of this year, with deliveries starting successful the 2nd 4th of 2024.

Stellantis past period said that it would beryllium adding nine caller artillery electrical vehicles to its scope this twelvemonth arsenic the European carmaker looks to further pat into the lucrative market, which is presently dominated by Chinese manufacturers. The institution aims to person a full of 47 artillery electrical vehicles connected the marketplace by the extremity of 2024, the May property merchandise said.

Citroën itself seeks to electrify its full scope by the extremity of 2024.

Sales of Stellantis' artillery electrical vehicles were up 22% year-on-year successful the archetypal 4th of 2023, the institution reported.

Shares of Stellantis were up 0.2% erstwhile markets opened astatine 8.00 a.m. London clip Friday.

Stellantis stock price.

The International Energy Agency successful April estimated that electrical conveyance income exceeded 10 cardinal successful 2022, with China accounting for astir 60% of the market.

Europe is the second-largest marketplace for electrical cars, with income having accrued by much than 15% successful 2022, the vigor watchdog says. It forecasts that EV purchases volition ascent to 25.9 cardinal successful 2028.

China is improbable to predominate the electrical conveyance marketplace going forward, Volvo Cars CEO Jim Rowan told CNBC connected June 8.

"We're seeing a batch of new, afloat electrical brands … popping up successful China, and that causes it to beryllium somewhat turbulent, and a small spot chaotic wrong that marketplace arsenic radical combat and jockey for position," Rowan said.

"I deliberation that it volition beryllium much hard for them to beryllium palmy successful Europe and successful America than it volition beryllium for them to beryllium palmy successful China," helium added.

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