Stellantis has excellent news for buyers who need to make the change to battery-electric automobiles however cannot discover fashions inside their value vary.

The Franco-Italo-American auto conglomerate has introduced that it plans so as to add a second reasonably priced battery-electric car to its lineup to compete with Renault and Chinese language automakers, particularly in Europe. The brand new EV can be a no-frills mannequin impressed by the Fiat Panda that may carry a price ticket of lower than 25,000 euros ($27,500), Fiat model CEO Olivier Francois stated in an interview, in line with Bloomberg.

The chief stated the brand new Fiat entry-level EV can be unveiled in July 2024 to tackle Renault’s Dacia Spring. “There’s a actual want for extra reasonably priced EVs,” Francois stated. Fiat’s entry-level EV will possible take inspiration from the Centoventi Idea unveiled in 2019.

Earlier this yr, Fiat additionally introduced the reintroduction of the electrical 500 to america in Q1 2024. The US is Stellantis’ largest and most worthwhile market.

Fiat’s mother or father firm beforehand introduced plans to start out promoting a totally electrical metropolis automobile from Citroën early subsequent yr. The small EV from the French model would even be priced below 25,000 euros and would supply a spread of over 186 miles (300 kilometers).

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That mannequin can be referred to as the Citroën e-C3 and can be made in Slovakia, which can permit Stellantis to maintain prices low and higher compete with the Dacia Spring, which is made in China for Renault’s low-cost Dacia model. The Citroën e-C3 must also compete with the upcoming Renault 5, which can be made in France.

Since Stellantis is thought for the observe of sharing car platforms throughout its many manufacturers to scale back prices, the brand new entry-level EVs from Fiat and Citroën are additionally anticipated to share parts. Olivier Francois stated that “it’s extremely possible that there can be synergies” with the platform used for the brand new Citroën e-C3.

Stellantis’ announcement comes because the stress on automakers to ship reasonably priced EVs is rising, particularly in Europe the place Chinese language manufacturers are on the offensive. Automakers are additionally battling to retain mass-market consumers, who’ve seen their spending energy lowered by inflation.

Stellantis CEO Carlos Tavares final month warned that the center class can be priced out of the EV market if automakers cannot take up the extra manufacturing prices they require. The chief stated the candy spot for reasonably priced EVs is “round $25,000.”

He added that reaching this value level can be important to safeguarding the corporate’s US manufacturing footprint and famous that constructing reasonably priced EVs which might be worthwhile is the “actual factor we needs to be discussing” with the UAW throughout negotiations this yr.