Stellantis to push into challenging Indian market with Citroen By Reuters
PARIS (Reuters) – Carmaker Stellantis plans to launch a new model in India and Latin America next year under its Citroen brand, the group said on Thursday, as it aims to push out of its European turf and branch further into emerging markets where it has less exposure.
Citroen is returning to India after leaving it in 1930s. This plan comes as other foreign carmakers have been struggling to make profits.
Stellantis was created earlier in the year from the merger of Fiat Chrysler with Peugeot-maker PSA. It has brands such as Jeep and Ram in America, but it still wants to lessen its dependence on Europe.
According to the company, it will produce the new Citroen C3, which is positioned in Europe as a city vehicle. It will also launch the car in India and Latin America in the second quarter of 2022.
Through a joint venture in India with CK Birla and Brazil, the model will be manufactured in India.
Citroen stated that it will be the first model of three it plans to produce. It plans on aiming at India and Latin America in the coming three years.
Stellantis stated that India will be the third largest car market in the world after China and America by 2030, with 4-5 million new cars per year.
However, foreign carmakers have found it difficult to compete in India with South Korean manufacturers Hyundai and Maruti Suzuki. Ford announced last week that it would cease production in India.
Stellantis plans to increase its sales in Europe by 30%, as opposed to the 15% currently.
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