Stellantis on EV market

Stellantis CEO Carlos Tavares has asserted the company's commitment to compete vigorously in Europe's electric vehicle (EV) market against increasing competition from Chinese automakers. During the launch of a new EV production line in Kragujevac, Serbia, Tavares emphasized the challenges posed by the 'brutal' Chinese offensive and expressed confidence in Stellantis's technology and competitive capabilities. Serbia is positioning itself as a key supplier of sustainable materials, having signed a €190 million deal with Stellantis for EV production and reinstated a mining license for Rio Tinto to develop Europe's largest lithium mine, potentially supplying enough lithium for 1.1 million EVs annually. Serbian President Aleksandar Vucic highlighted the strategic importance of the plant, which could significantly boost the country's GDP. Additionally, Serbia has signed an agreement with the European Union to enhance cooperation on raw materials and battery manufacturing, with interest from companies like Mercedes-Benz in sourcing lithium from the region.