Stellantis CEO says supply issues risk derailing electric shift

Stellantis aims to introduce more than 75 fully electric vehicles by the end of this decade, with annual sales of 5 million vehicles
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| Updated on: 11 May 2022, 07:15 AM
File photo used for representational purpose. (REUTERS)
File photo used for representational purpose. (REUTERS)
File photo used for representational purpose. (REUTERS)
File photo used for representational purpose.

Stellantis NV said its target to sell only electric vehicles in Europe by the end of this decade depends on fixing the litany of supply-chain problems that have beset carmakers.

The shift to EVs will work only if the region ensures access to enough clean energy, batteries, raw materials and charging infrastructure, Stellantis Chief Executive Officer Carlos Tavares said Tuesday during an event organized by the Financial Times.

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Even as automakers build up battery plants, “one can easily anticipate" that the West will become more dependent on Asia for EV parts, he said.

(Also read | Stellantis to own Mercedes and BMW's car-sharing venture )

Stellantis seeks to introduce more than 75 fully electric models by the end of this decade, with annual sales of 5 million vehicles. While the carmaker is spending big on the rollout, it’s pledging to maintain strong returns, relying on extra revenue from software and services as well as premium vehicles.

(Also read | Stellantis betting big on India as ket strategic market, components sourcing hub )

A key challenge of the shift will be to keep EVs affordable for the middle class, the CEO said. Otherwise, the customer base will shrink -- and car companies with it. “The big race is going to be on cost competitiveness," he said.

 

First Published Date: 11 May 2022, 07:15 AM IST
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