In order to develop and produce three new Peugeot electric or hybrid cars beginning in 2029, Stellantis, the company that owns Peugeot, Fiat, and Jeep, announced on Tuesday that it will invest €1 billion in its Mulhouse facility in eastern France. The action is taken as European automakers struggle with increased global competition, tariffs, and low demand in China.
Automakers are making significant investments in new technologies and more affordable models as a result of Chinese firms like BYD, MG Motor, and Chery gaining traction in Europe’s expanding EV market. The statement is a component of Stellantis’ larger €60 billion plan to turn a profit over the following five years.
Additionally, it validates the site’s intentions, which French President Emmanuel Macron described last month. Compact sedans and SUVs will be among the new cars, according to Stellantis, bolstering Peugeot’s position in a market sector that makes up around 30% of European auto sales.As they compete with an ever-growing number of well-known Chinese companies, many of which offer more affordable electric models, European automakers are under increasing pressure to develop cleaner vehicles.
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