European carmakers scramble to cut electric model costs as sales growth slows
CEO Carlos Tavares at Stellantis, which owns Fiat and Citroen, said all manufacturers are trying to cut the costs of making electric cars
Under pressure from Chinese competitors, Renault and rival Stellantis, which owns Fiat and Citroen, are pushing hard to cut electric car costs so they can have similar price tags and profit margins as fossil-fuel models, industry executives have said.
Europe's carmakers are trying to develop more affordable electric vehicles, which are currently more expensive than combustion-engine equivalents, as the growth of electric car sales has slowed. Along with concerns over a lack of available charging infrastructure, the high cost of electric cars has become a significant barrier to broader mass adoption for zero-emission cars.
