Tavares nodded to comments made last month by Tesla CEO Elon Musk, who suggested Chinese automakers will 'demolish' global rivals without trade barriers. The European Union believes Chinese EVs are undercutting the prices of local models by about 20% in the market. Stellantis faces growing competition from Chinese automakers regarding affordable EVs in Europe. The automaker plans to launch 18 new EVs in 2024, including eight in the U.S., Tavares said. He said the key to growing EV demand is making affordable models, like the company is attempting to do in Europe. Tavares said the company remains committed to its previously announced plans of investing at least 30 billion euros in EVs and supporting technologies through 2025.
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