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Stellantis in India profitable with Jeep, Citroen still in the red4 hrs ago
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The carmaker had previously said it would spend over EUR 1 billion on this factory in Debrecen, scheduled for commissioning in 2025, and ramp up capacity to produce 150,000 cars a year.
If India, with its low-cost supplier base, is able to meet the company's quality and cost targets by the end of 2023, it could open the door to exporting EVs to other markets, said Carlos Tavares, CEO of the group whose brands also include Peugeot and Chrysler.
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The world’s fourth largest automotive Group thinks garnering a higher share in the nascent EV market, than in the ICE vehicle space, to be gainful in the long term as the passenger vehicle market goes fully electric. The Citroen C3 EV, scheduled for launch in early 2023, will drive that strategy in India mainly targeting its aspirational middle class.
According to ETAuto sources, the raid began at the company’s Corporate office in Gurgaon around 3:00 PM and continued till the story is filed. The latest development comes in light of heightened scrutiny by law-enforcement agencies on companies operating in India which have links with neighboring country, China.
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