According to the road map, the company plans to make 90 per cent of EVs through localisation. He added that the company may look for tie-ups with local players, if batteries are also available for sourcing in the domestic market
Auto giant Stellantis Group plans to launch its first electric vehicle (EV) in India next year, a senior company official recently said.
Chief Executive Officer Carlos Tavares expects the company’s revenue to grow faster in India through measures like localisation.
“We are quite confident regarding India. We are working towards localisation. Our first EV will come next year,” Tavares said.
The plan is to launch EVs in the compact sub-four metre segment and sports utility vehicle segment in India. Tavares added that the company’s EVs are going to be engineered in India as part of the smart car platform programme of Citroen.
“The challenge in introducing an EV is twofold. One is the need to charge with clean electricity and another one is affordability. There is a significant price gap between EVs and conventional technology. Basically an EV is 40-50 per cent more expensive than conventional technology,” he said, highlighting the roadblocks for EV expansion in markets like India.
According to the road map, the company plans to make 90 per cent of EVs through localisation. He added that the company may look for tie-ups with local players, if batteries are also available for sourcing in the domestic market.
At present, Stellantis sells around 19 EV models across the world. This number will be raised to 32 by next year and 75 by the end of this decade.
The company operates three manufacturing plants in India at Ranjangaon, Maharashtra, and Hosur and Tiruvallur in Tamil Nadu. Last year, the company announced investments of around $250 million to grow its presence in India with the launch of four new jeep models.