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Stellantis at the end of September opened orders for two of Leapmotor’s EVs it will make in Europe from the end of the year. Base prices are more competitive than many other Europe made EVs, with the compact T03 BEV starting at EUR18,900. However, shortly after this announcement, Stellantis issued a profit warning for 2024, citing intense competition from cheaper Chinese EVs, which led to a 14% drop in its share price. These developments raise questions about Stellantis’ electrification strategy in Europe.
Europe’s underperforming EV sales
It is widely known now that European EV sales have underperformed growth expectations, 4% down year on year in August 2024 YTD. This has led to European automotive industry calling on the EU to reconsider the 2025 emissions targets, and many others scaling back electrification plans. Stellantis has opposed calls to reconsider the 2025 target; the group surpassed its 2025 target in 2023, only Volvo also achieving the same feat.
However, despite this achievement Stellantis is not immune to market challenges, Rho Motion analysis shows …
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