Stellantis to reveal its first Europe-made affordable electric vehicle

Stellantis, the third-largest carmaker in the world by revenue, will reveal its first European-made, affordable electric car in mid-October.

The new Citroën e-C3 model will have a 320-kilometre range and a 57-minute “fast charge” capability, Citroën says. The company says it expects to make pre-bookings available by the end of this year, with deliveries starting in the second quarter of 2024.

Stellantis last month said that it would be adding nine new battery electric vehicles to its range this year as the European carmaker looks to further tap into the lucrative market, which is currently dominated by Chinese manufacturers. The company aims to have a total of 47 battery electric vehicles on the market by the end of 2024, the May press release said.

Citroën itself seeks to electrify its entire range by the end of 2024.

Sales of Stellantis’ battery electric vehicles were up 22% year-on-year in the first quarter of 2023, the company reported.

Shares of Stellantis were up 0.2% when markets opened at 8.00 a.m. London time Friday.

The International Energy Agency in April estimated that electric vehicle sales exceeded 10 million in 2022, with China accounting for around 60% of the market.

Europe is the second-largest market for electric cars, with sales having increased by more than 15% in 2022, the energy watchdog says. It forecasts that EV purchases will climb to 25.9 million in 2028.

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

“We’re seeing a lot of new, fully electric brands … popping up in China, and that causes it to be somewhat turbulent, and a little bit chaotic within that market as people fight and jockey for position,” Rowan said.

“I think that it will prove more difficult for them to be successful in Europe and in America than it will be for them to be successful in China,” he added.

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