The company said it plans to produce a new variant of the Citroen C3 positioned as a city car in Europe, in India and Latin America for launch in the second half of 2022.
see photosIt expects India to become the world’s third largest car market after China and the US by 2030
Carmaker Stelantis plans to launch a new model under its Citron brand next year in India and Latin America, the group said on Thursday, as it aims to expand its European turf and branch into emerging markets where it has exposure. is less.
The plan marks Citroen’s return to India, a market it had left in the 1930s, and comes at a time when some other foreign carmakers are leaving the country after struggling to make a profit.
Stelantis, which was created from the merger of Fiat Chrysler and Peugeot-maker PSA earlier this year, has brands like Jeep and Ram in the United States, but is still aiming to reduce its reliance on Europe.
The company said it plans to produce a new variant of the Citroen C3 positioned as a city car in Europe, in India and Latin America for launch in the second half of 2022.
Read also: Citroen India to launch three new models by 2024
The model will be produced in India in a joint venture with CK Birla and in Brazil.
Citroen said this will be the first of three models it will produce in India and Latin America over the next three years.
Stelantis has said that it expects India to become the world’s third largest car market after China and the United States by 2030, with total new cars in the country reaching 4-5 million cars annually.
Nevertheless, the country has proved challenging for many foreign carmakers, who compete with local manufacturers such as Maruti Suzuki as well as Hyundai of South Korea. Ford said last week that it was halting production in India.
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Stelantis aims to grow sales outside Europe to 30% of its revenue by the middle of this decade, compared to 15% now.
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