Stellantis this month they launched the Citroën ë-C3, which they consider “Europe’s first affordable electric car”: the Citroën ë-C3 is a 23,300 euro model, has a range of 320 kilometers and represents the group’s response to the “invasion” of the Chinese car. However, just a few days later, the group led by Carlos Tavares announced that it had acquired 20% of Chinese manufacturer Leapmotor for $1.5 billion; this will require the establishment of a joint venture in Europe, in which Stellantis holds a majority stake. The financial director took advantage of the presentation of the company’s third quarter results yesterday. Natalie KnightHe revealed that this was the company’s purpose. Adding a new low-cost brand to the product range through the sale of Leapmotor models that hope to achieve 500,000 units sold outside China in 2030.
According to various specialized media, e.g. Automotive NewsKnight announced that the first market they will try to conquer with the Chinese manufacturer will be Europe. “It’s not just about having the fifteenth brand –Stellantis has 14– In markets outside of China, we can use it for consumers who are concerned about cost but want the best technology in their products; “I’m also excited about the information we will gain,” he said.
Leapmotor offers four models, from the sedan C01 to C01, which is sold for 23,300 Euros. A smaller car with city character starts from just 10,300 euros. The second is the T03, which, if it reaches Europe, will be by far the cheapest among traditional manufacturers, even with an increase.
Of course, this move comes despite all the negativities. Tavares’ ongoing complaints regarding the relationship in recent months, exactly, vehicles entering the continent colossal AsiaFrom brands like BYD, Nio or MG. They even said they suspected they were operating thanks to subsidies from the Chinese Government.
As for the third quarter results; Stellantis announced that it achieved a turnover of 45.1 billion euros in the third quarter. An increase of 7% compared to the same period in 2022, which is explained by an 11% increase in vehicle sales since 1,427,000 cars were sold. According to the company, strikes at its factories in the USA and Canada had an impact of approximately 3 billion euros in lost turnover compared to planned production by October.