Italian automaker Fiat is set to introduce a second Affordable Electric Vehicle (EV) in its lineup. Fiat’s chief executive officer, Olivier Francois, revealed in an interview that the company plans to release a Fiat Panda-inspired electric model that will retail for less than €25,000 (around $A42,000), targeting affordability in the EV market.

The move comes as parent company Stellantis aims to regain relevance and market share. This new low-cost EV will join the previously announced Citroën e-C3 in Stellantis’ efforts to adapt to the rapidly shifting electric market. Francois emphasized the need for more affordable EV options and mentioned the likelihood of synergies between the upcoming Panda-inspired EV and the Citroën e-C3.

Stellantis, formed through the merger of Fiat Chrysler Automobiles and the French PSA Group, has made several strategic moves to strengthen its position in the electric vehicle industry. Notably, the company has partnered with Foxconn to develop EV semiconductors and unveiled the STLA Medium EV platform, offering a range of over 700 kilometers for various vehicle types.

Additionally, Stellantis plans to establish a second EV battery manufacturing facility in the United States through a partnership with Samsung SDI. These initiatives have contributed to a 24% increase in Stellantis’ EV sales, totaling 169,000 units in the first half of 2023.

With this expansion of its EV lineup, Stellantis aims to compete in the evolving market, ranking third in the EU30 for battery electric sales and offering a portfolio of 25 different electric models, with 23 more set to launch by 2024. Fiat’s forthcoming affordable EV will further strengthen the company’s position in the increasingly competitive segment.

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