Stellantis Outlines Plans to Introduce New Electric Vehicle in India By Investing.com

Stellantis Outlines Plans to Introduce New Electric Vehicle in India

Stock Markets May 18, 2022 11:56AM ET

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Stellantis Outlines Plans to Introduce New Electric Vehicle in India

Stellantis (NYSE:STLA) CEO, Carlos Tavares, outlined the company’s plans to introduce a compact Citroen EV in India by 2023. Tavares revealed in his roadmap for India that there’s a whole host of models in the pipeline.

“From day one, electrification was part of the Smart Car or C Cubed plans. India will get its first EV in 2023. The vehicle is engineered in India for the Indian market. We are not only going to bring compact cars less than 4 metres, you will have people movers to crossover products in India and (for) all these products, EVs will be an alternative offered,” said Tavares.

Stellantis already has a minor presence in India, selling the Jeep and Citroen brands. However, sales in the country only make up a fraction of the automaker’s global sales. Tavares said he expects revenues in the nation to more than double by 2030 and operating profit margins to be in double-digits within the next couple of years.

Western automakers for years have struggled to make money in India. Attempting to make an impact in a market dominated by small, low-cost Suzuki and Hyundai vehicles. Tavares believes that "Being profitable in India is possible if you do things the India way," he said on Tuesday.

According to him, this includes sourcing parts locally and vertically integrating the supply chain to keep costs low, and engineering cars locally with features Indian consumers want and are willing to pay for.

"The challenges... are giving India a bigger opportunity, even bigger than in the past," Tavares said.

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