Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stellantis Outlines Plans to Introduce New Electric Vehicle in India

Stock Markets May 18, 2022 11:56AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Stellantis (STLA) 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.

By Michael Elkins

Stellantis Outlines Plans to Introduce New Electric Vehicle in India
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email