Stellantis is planning so as to add a second lower-priced all-electric car to its arsenal to compete with Renault and Chinese language carmakers as customers search for extra reasonably priced EVs.

The brand new EV — a no-frills Fiat Panda-inspired mannequin for lower than €25,000 ($27,347) — shall be unveiled in July 2024 to tackle Renault’s Dacia Spring, Fiat model CEO Olivier Francois stated in an interview.

“There’s a actual want for extra reasonably priced EVs,” Francois stated.

Stellantis, the mum or dad firm of Fiat, additionally plans to start out promoting a full-electric metropolis automotive from its French model Citroen priced beneath €25,000 early subsequent 12 months.

That automotive, an e-C3, shall be made in Slovakia to maintain a lid on prices and higher compete with the Dacia Spring that’s in-built China and the upcoming all-electric made-in-France Renault 5.

The plan comes as carmakers battle to retain mass-market consumers, who’ve seen their spending energy diminished by inflation. And with Chinese language carmakers getting into Europe’s market, the stress to ship reasonably priced EVs is rising.

Fiat additionally plans to reintroduce the electrical 500, within the U.S., Stellantis’s greatest revenue pool.

For the brand new electrical Panda, “it’s extremely possible that there shall be synergies” with the platform used for the brand new Citroen e-C3, Francois stated.