Renault, Stellantis See EV Sales Bounce Back on Lower Prices
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Demand for electric vehicles is showing signs of recovering as prices for plug-in models are coming down, according to Stellantis NV and Renault SA.
“We may be getting close to a tipping point” for EV demand, Thierry Koskas, who heads Stellantis’ Citroën brand, told reporters at the Paris auto show on Oct. 14. Renault CEO Luca de Meo cited an event this weekend where EVs made up 35% to 40% of sales.
Automakers are showing off a range of affordable electric models in Paris this week as they try to compete with Chinese manufacturers expanding in the region. Stellantis, Volkswagen AG and Renault are also contending with an EV demand slowdown sparked by subsidy cuts that pushed up the cost of owning a plug-in car.
Citroën is presenting EVs including the $25,472 ë-C3 city car, which started shipping months behind schedule in mid-September due to software issues. A 19,999-euro version will be launched in the first half of next year, Koskas said.
⚡Excitement is high at @mondialdelauto as @Citroen, @Peugeot, and @alfa_romeo reveal their latest electrified vehicles! The event will also feature event debut of Leapmotor.
Don’t miss Carlos Tavares' keynote tomorrow on the future of mobility: https://t.co/JPhH71rO2X pic.twitter.com/VqZD2ODS1Z — Stellantis (@Stellantis) October 14, 2024
Renault unwrapped the R4 E-Tech in Paris, a compact electric model expected to cost less than 35,000 euros, with a driving range of 400 kilometers. It’s also selling the smaller R5 that starts at around 25,000 euros.
“When you have the product, maybe you can change” the conversations around EVs, de Meo said in an interview with Bloomberg Television. At an “open door” event in France this weekend, Renault’s EV sales were at 35% to 40% of the total product mix, the CEO said, without giving more details.
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De Meo also commented on the competition with China, saying the West and the Asian nation need to find new ways of competing and working together. Manufacturers led by BYD Co. are expanding in Europe despite Brussels’ decision this month to boost tariffs on their EVs as high as 45%.
“Without a good cooperation with the Chinese, I think it will be more difficult to ramp up electrification in Europe,” de Meo told Bloomberg TV, citing their strong role in providing raw materials and batteries.
