Stellantis, the third-largest carmaker on the earth by income, will reveal its first European-made, reasonably priced electrical automobile in mid-October.

The brand new Citroën e-C3 mannequin may have a 320-kilometre vary and a 57-minute “quick cost” functionality, Citroën says. The corporate says it expects to make pre-bookings accessible by the top of this yr, with deliveries beginning within the second quarter of 2024.

Stellantis final month mentioned that it will be including 9 new battery electrical autos to its vary this yr because the European carmaker seems to be to additional faucet into the profitable market, which is presently dominated by Chinese language producers. The corporate goals to have a complete of 47 battery electrical autos available on the market by the top of 2024, the Could press launch mentioned.

Citroën itself seeks to impress its complete vary by the top of 2024.

Gross sales of Stellantis’ battery electrical autos had been up 22% year-on-year within the first quarter of 2023, the corporate reported.

Shares of Stellantis had been up 0.2% when markets opened at 8.00 a.m. London time Friday.

The Worldwide Vitality Company in April estimated that electrical automobile gross sales exceeded 10 million in 2022, with China accounting for round 60% of the market.

Europe is the second-largest marketplace for electrical automobiles, with gross sales having elevated by greater than 15% in 2022, the vitality watchdog says. It forecasts that EV purchases will climb to 25.9 million in 2028.

China is unlikely to dominate the electrical automobile market going ahead, Volvo Automobiles CEO Jim Rowan instructed CNBC on June 8.

“We’re seeing loads of new, totally electrical manufacturers … popping up in China, and that causes it to be considerably turbulent, and somewhat bit chaotic inside that market as folks battle and jockey for place,” Rowan mentioned.

“I feel that it’ll show tougher for them to achieve success in Europe and in America than will probably be for them to achieve success in China,” he added.

— CNBC’s Charlotte Reed and Anmar Frangoul contributed to this report.