Stellantis CEO Carlos Tavares says his company has to work on cutting costs globally in order to keep electric vehicles affordable for the middle class.
Among the cuts are reducing the number of the auto maker’s factories because electric vehicles cost about 40% more than those powered by gasoline.Among the cuts are reducing the number of the auto maker’s factories because electric vehicles cost about 40% more than those powered by gasoline.
“If the size of the market shrinks, you are back to square one because you are reducing the efficiency and effectiveness of your manufacturing operation,” he said. “You go from hero to zero in three years if you stop working on costs.” Tavares said he’s not certain about costs going up or whether Belvidere will be closed, but said Stellantis must be prepared for a shrinking auto market globally.
He said worries about electric vehicle affordability extend to Italy, France, Spain, Greece and other European counties “which means we need to accelerate the cost reduction on that technology to make it more affordable.”
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