Electric cars: Stellantis, which owns Fiat, has decided that it can’t make affordable electric vehicles (EVs) in Europe right now and is looking into making them in places like India where costs are lower, its Chief exec told reporters.
Carlos Tavares, the chief executive officer of a group whose brands include Peugeot and Chrysler, stated that if India, with its base of low-cost suppliers, is able to satisfy the company’s quality and cost requirements by the end of 2023, it might open the door to India’s participation in the export of electric vehicles to other countries.
Europe can’t make affordable electric cars
“Up until now Europe has not been capable of manufacturing electric vehicles at prices that are affordable”. So India has a big chance would be to be able to sell small electric cars at a price that most people can afford.
Stellantis is investing a lot of money into electric vehicles (EVs) and plans to make dozens of them in the next ten years. However, Tavares warned last month that affordable battery EVs would not be available for another five to six years.
Company was still working on a plan for exporting EVs
On his first trip to India as CEO of Stellantis, he said that the company was still working on a plan for exporting EVs from the country and hadn’t made any decisions yet.
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After being unable to turn a profit and challenge the industry leadership of Japan’s Suzuki Motor Corp (7269.T) and South Korea’s Hyundai Motor Company, American automakers Ford (F.N) and General Motors (GM.N) have left India, the world’s fourth-largest automobile market, prompting Tavares to consider placing a prospective bet on the country.
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