Major American Carmaker Says EV Market Will Collapse If Cars Don’t Get Cheaper

Stellantis has officially become the first automaker to call out the European Union’s (EU) push to eliminate carbon emissions from new cars by 2035. All manufacturers that sell vehicles in the EU are expected to drop internal combustion cars in roughly 13 years.

According to Stellantis’ chief manufacturing officer, Arnaud Deboeuf, it needs to cut the cost of EV manufacturing by 40% by 2030 or risk facing the worst. “If EVs don’t get cheaper, the market will collapse,” Deboeuf said in an interview with Bloomberg. “It’s a big challenge.”

The Stellantis conglomerate currently consists of 16 brands, including Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Maserati, Mopar, and Ram. Its main objective this decade is to introduce 75 EVs across its brand portfolio, manufacture more parts in-house, and pressure third-party suppliers to reduce the price of their products.