By Michael Elkins
Shares of Stellantis (NYSE:STLA) are up 2.56% in pre-market trading on Monday after the company's chief executive, Carlos Tavares announced that the automaker would double the share of electric vehicles it produces in France. Tavares announced that some new models of its Peugeot brand will be produced in France at the carmaker's Mulhouse plant.
According to a source close to Stellantis, these models could include electric versions of the Peugeot 408 and 308, currently only available in combustion-engine and hybrid versions. The new electric models will be assembled in Mulhouse, Carlos Tavares said at the Paris Motor Show.
President of France, Emmanuel Macron announced bigger subsidies for poorer families to buy electric vehicles and pushed for more local production. Macron said EV subsidies for lower-income households would rise to 7,000 euros ($6,826) next year from 6,000 euros, while falling to 5,000 euros for other French buyers.
"We have an industrial strategy in place for people to buy more and more French (cars)," — President Macron.