Multinational automaker Stellantis successfully overthrew electric vehicle giant Tesla in the European market, snatching the top second spot. According to the press release, Stellantis enjoyed a 33% EV sales growth in the region.
“We secured second place in Europe over Tesla. We are doing everything we can to further our [efforts], all the while responding to key short-term sector challenges and continuing our electric and technological transformation. We are doing everything we can to further our [efforts], all the while responding to key short-term sector challenges and continuing our electric and technological transformation.”
CFO Natalie Knight said in a meeting with Stellantis’ general assembly
Sales results
Stellantis reported an astounding year-on-year sales growth of 33% to more than 93,000 BEVs in Europe in the third quarter of the year.
This sales result enabled Stellantis to capture 16% of the overall electric vehicle market in Europe.
Year to date, the automaker’s sales have already reached about 262,000 units in the region alone. These sales demonstrate the multi-automotive brands’ owner’s determination to solidify its foothold in the growing electric vehicle industry.
“The next threshold for us as a company is: How do we get to 20%? Give us a little bit of time and energy to do that. But, as a group, that’s something we’re very focused on. I think that position for us as being No. 2 in the market and overtaking Tesla was sort of an important psychological hurdle for us as a business.”
CFO Natalie Knight said in a meeting with Stellantis’ general assembly
Popular models
Energy Portal indicated that Stellantis currently offers 28 all-electric vehicle models worldwide. Interestingly, Stellantis significantly attributes the third quarter’s success to some of its popular models, including the Jeep Avenger, the Citroën ë-Berlingo, and the Peugeot E-208.
Customers’ demand for these models is unsurprising, considering their respective advanced technologies and innovations. In fact, the Jeep Avenger got multiple awards, such as the European Car of the Year 2023 and Best Family SUV in the 2023 Women’s World Car of the Year.
As part of Stellantis’ effort to sustain this sales growth, it previously announced plans to develop new BEV models for the European market in 2024. It apparently includes the following models: the Fiat 600e, the Fiat Topolino, the Peugeot 3008 SUV, and the Peugeot 5008 SUV.
As for the US market, the automaker plans to launch the Ram ProMaster electric van, the Jeep Wagoneer S SUV, and the Dodge Charger Daytona SRT, among others.
France’s Green Bonus
According to Electrek, Stellantis’ remarkable performance in the European market is largely due to France’s updated “green bonus” incentives. The move is crucial for the French Government to defend its local brands against Chinese brands’ dominance.
For context, China-made vehicles have led the region’s EV sales for the past 15 years already, with an 8% market share last year.
In response, French President Emmanuel Macron introduced new customer incentives to promote local brands’ model offerings. It includes a €100/month leasing scheme for EU-made EVs along with cash incentives for first-time customers.
Stellantis’ expanded EV initiatives will significantly aid the country’s target of more than 1 million EV production by the end of 2027.
Stellantis has truly intensified its electric vehicle strategies, with planned new model launches and affordability commitment. These efforts seem to be paying off, as it succeeded in beating Tesla in terms of EV sales in Europe. It also enabled Stellantis to hit a revenue of €45.1 billion.
