Stellantis, the parent company behind Jeep, Ram, Dodge, and 11 others, is launching several new affordable EVs in 2024. The automaker aims to reduce prices on electric models to take on industry leaders like Tesla and incoming Chinese EV makers.
Jeep owner takes stake in Leapmotor
Days after announcing it will invest $1.6 billion (€1.5 billion) in Chinese EV maker Leapmotor, Jeep owners Stellantis explained its plans to launch a new affordable EV brand.
Through a new joint venture, Stellantis and Leapmotor will aim the EV brand at “cost-conscious” buyers that “want the best technology in their products,” CFO Natalie Knight explained on the company’s Q3 earnings call.
Stellantis is taking a roughly 20% stake in Leapmotor to leverage its EV technology to bring “affordable mobility solutions to global customers.”
Knight said the new electric car company will first launch in Europe, followed by other global markets. Jeep parent company Stellantis will own 51% of the new EV brand as it looks to meet its Dare Forward 2030 targets with a cost-efficient ecosystem.
New affordable EVs coming next year
Stellantis says the new EV brand is “complimentary” to Stellantis’ current tech and products. The 15th brand will add another dimension to Stellantis’ portfolio as it looks to compete in the EV era.
Knight said the new company will attract customers with affordable EVs and advanced tech offerings. In fact, the company’s CFO explained that Stellantis is excited to learn from a leading Chinese EV maker.
The partnership will give Stellantis insights into “what best in class looks like.” Stellantis will learn more about the leading EV market and the price differences between Chinese and Western automakers.
Knight added that “markets will do what they do,” but Stellantis is focused on speed and agility to “become a winner in the EV space.”
The comments come two weeks after Stellantis launched the low-cost Citroen e-C3 electric car. Stellantis calls the e-C3 “the first European affordable electric car,” starting at $24,500 (€23,000).
The new e-C3 “signals a new chapter” for the Citroen brand as it looks to tackle Europe’s growing need for affordable EVs.
Powered by a 44 kWh LFP battery, the electric car has up to 199 miles (320 km) WLTP range. As a first, the e-C3 will use a version of Stellantis’ “Smart Car ” platform. The platform is currently used in India, enabling lower prices.
Knight explained the new e-C3 is “so important to us” as an affordable, accessible electric option. The financial leader added Stellantis’ “platform thinking” is enabling lower costs.
Stellantis released its Q3 earnings Tuesday, showing 37% growth in global EV sales. The increase was led by the new Jeep Avenger, Citroen Ami, Peugeot E-208, and Fiat New 500e.
The automaker’s first all-electric models will launch in the US next year, including the first EVs from Jeep and Ram. Ram’s 1500 REV electric truck and the Jeep Recon and Wagoneer S will hit the US market next year.
Electrek’s Take
As electric vehicle share continues rising in key auto markets globally, price is becoming a primary focus.
Global EV leaders, including Tesla and BYD, have cut prices all year, forcing other automakers to follow suit. Although several automakers, including Ford and GM, have delayed key EV targets, others are doubling down as they look toward the future.
Producing cheap EVs is one thing, but building electric cars at a low cost (profitably) that offers value to customers is a winning strategy.
However, Stellantis will need to get a move on. The company is already behind in North America, and Chinese EV makers are quickly gaining market share in Europe and overseas. The decision to partner with Leapmotor will likely pay off. Stellantis can now learn the ins and outs from a leader in the biggest EV market globally. More importantly, it can access its tech.
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GreenPower Motor Company says it’s received three orders for 11 of its BEAST electric Type D school buses for western state school districts in Arizona, California, and Oregon.
GreenPower hasn’t made the sort of headline-grabbing promises or big-money commitments that companies like Nikola and Lion Electric have, but while those companies are floundering GPM seems to be plugging away, taking orders where it can and actually delivering buses to schools. Late last year, the company scored 11 more orders for its flagship BEAST electric school bus.
As far as these latest orders go, the breakdown is:
seven to Los Banos Unified School District in Los Banos, California
two for the Hood River County School District in Hood River, Oregon
two for the Casa Grande Elementary School District in Casa Grande, Arizona
Those two BEAST electric school buses for Arizona will join another 90-passenger BEAST that was delivered to Phoenix Elementary School District #1, which operates 15 schools in the center of Phoenix, late last year.
“As school districts continue to make the change from NOx emitting diesel school buses to a cleaner, healthier means of transporting students, school district transportation departments are pursuing the gold standard of the industry – the GreenPower all-electric, purpose-built (BEAST) school buses,” said Paul Start, GreenPower’s Vice President of Sales, School Bus Group. “(The) GreenPower school bus order pipeline and production schedule are both at record levels with sales projections for (2025) set to eclipse the 2024 calendar year.”
GreenPower moved into an 80,000-square-foot production facility in South Charleston, West Virigina in August 2022, and delivered its first buses to that state the following year.
Electrek’s Take
Since the first horseless carriage companies started operating 100 years ago (give or take), at least 1,900 different companies have been formed in the US, producing over 3,000 brands of American automobiles. By the mid 1980s, that had distilled down to “the big 3.”
All of which is to say: don’t let the recent round of bankruptcies fool you – startups in the car and truck industry is business as usual, but some of these companies will stick around. If you’re wondering which ones, look to the ones that are making units, not promises.
While some recent high-profile bankruptcies have cast doubt on the EV startup space recently, medium-duty electric truck maker Harbinger got a shot of credibility this week with a massive $100 million Series B funding round co-led by Capricorn’s Technology Impact Fund.
It’s been a rough couple of weeks for fledgling EV brands like Lion Electric and Canoo, but box van builder Harbinger is bucking the trend, fueling its latest funding round with an order book of 4,690 vehicles that’s valued at nearly $500 million. Some of the company’s more notable customers including Bimbo Bakeries (which owns brands like Sara Lee, Thomas’, and Entenmann’s) and THOR Industries (Airstream, Jayco, Thor), which is also one of the investors in the Series B.
The company plans to use the funds to ramp up to higher-volume production capacity and deliver on existing orders, as well as build-out of the company’s sales, customer support, and service operations.
“Harbinger is entering a rapid growth phase where we are focused on scaling production of our customer-ready platform,” said John Harris, co-founder and CEO. “These funds catalyze significant revenue generation. We’ve developed a vehicle for a segment that is ripe for electrification, and there is a strong product/market fit that will help fuel our upward trajectory through 2025 and beyond.”
The company has raised $200 million since its inception in 2021.
There is no state more associated with cars and car culture than Michigan – and the state that’s home to the Motor City has just taken a huge step into the future with the deployment of its first-ever all electric police vehicle.
The 2024 Ford Mustang Mach-E patrol vehicle is assigned to the Michigan State Police State Security Operations Section, and will be to be used by armed, uniformed members of the MSP specializing in general law enforcement and security services at state-owned facilities in the Lansing, MI area.
“This is an exciting opportunity for us to research, in real time, how a battery electric vehicle performs on patrol,” says Col. James F. Grady II, director of the MSP. “Our state properties security officers patrol a substantially smaller number of miles per day than our troopers and motor carrier officers, within city limits and at lower speeds, coupled with the availability of charging infrastructure in downtown Lansing, making this the ideal environment to test the capabilities of a police-package battery electric vehicle.”
In those tests, the EVs have impressed – but the MSP has been hesitant to commit to a BEV until now. “We began testing battery electric vehicles in 2022, but up until now hybrids were the only alternative fuel vehicle in our fleet,” said Lt. Nicholas Darlington, commander of the Precision Driving Unit. “Adding this battery electric vehicle to our patrol fleet will allow us to study the vehicle’s performance long-term to determine if there is a potential for cost savings and broader applicability within our fleet.”