|
Description |
Original
Ntfn No/Date |
Amending
Ntfn No/Date |
Posting/Tag |
Source+Ref |
|
|
|
Fiat Parent Stellantis
looks to India for Affordable EVs Manufacture for Europe |
|
|
EVs (Electric Vehicles) |
Reuters |
Fiat Parent Stellantis looks to India for Affordable
EVs Manufacture for Europe
Fiat parent Stellantis has concluded it can’t make affordable electric vehicles
in Europe.
Instead, it’s looking
at lower-cost manufacturing in markets such as India.
That’s according to chief
executive Carlos Tavares.
He told reporters that
if India can meet the company’s quality and cost targets by the end of 2023, it
could provide opportunities to export EVs to other markets.
With brands that also
include Peugeot, Citroen and Jeep, Stellantis is investing
heavily in EVs and plans to produce dozens of electric models in the next decade.
But Tavares warned last
month that affordable battery-powered cars were between five and six years away.
Tavares' possible bet
on India comes after American carmakers Ford and General Motors exited the country,
the fourth-largest car market.
They failed to break the
dominance of Japan's Suzuki and South Korea's Hyundai.
Meanwhile, Chinese EV
makers are making inroads into Europe, aiming to win over buyers with more affordable
cars.
Stellantis already
makes its own electric motors and battery packs, and has plans to make battery cells.
In India, Tavares wants
to locally procure EV components, including batteries, so it can be competitive
on cost and price.