Continuing our look at Tesla's competition. Stellantis is making the moves that must be made to be one of the 10 or 12 survivors of the EV wars.
From The Street, August 8:
The Netherlands-based automaker plans to roll out a low-priced, entry-level electric vehicle.
Competition for electric vehicle sales remains fierce all across the market. Industry leader Tesla (TSLA) - Get Free Report has a huge overall sales advantage, as the company is almost on target for its goal of 1.8 million in sales this year after recording about 889,000 vehicles delivered in the first half of 2023.
When it comes to luxury, look no further than Tesla's Model Y sports utility vehicle, which became the world's best-selling car with about 267,200 vehicles sold in the first three months of the year. CEO Elon Musk's company surpassed former No. 1 vehicle Toyota (TM) - Get Free Report Corolla, an internal combustion engine vehicle, which sold 256,400 cars in the first half of the year. Of course, the Corolla isn't a luxury vehicle.
Tesla's lowest priced EV is the Model 3 that is priced at $32,740 on its website. Consumers debate whether the Model 3 is a luxury vehicle, but most luxury electric vehicles are easily more than $40,000. On the low end of the price scale, several automakers are battling to be the lowest priced model, but some of the lowest priced vehicles will also soon be discontinued.
Electric vehicles discontinued
General Motors' (GM) - Get Free Report 2023 Chevy Bolt, one of the most affordable electric vehicles on the market, has a manufacturer's suggest retail price beginning at $26,500. GM's original plan was to increase production from about 44,000 Bolts in 2022 to 70,000 in 2023. Instead, technology has advanced past the Bolt and the company in April reversed course and decided to terminate the Bolt at the end of 2023. CEO Mary Barra, however, confirmed in the company's second quarter earnings call that Chevy will bring the Bolt back in the future under its third generation Ultium battery technology....
Earlier: "Volkswagen reclaims Germany's electric car crown from Tesla".
And previously on Stellantis:
"Automaker Stellantis announces inauguration of lithium battery gigafactory in France" (STLA)
Stellantis seems to "get it."
Also Fiat, Alfa Romeo, Chrysler and a bunch of other marques.
