Stellantis banks on €17,000 hybrid Fiat 500 to revive struggling Italian production
Stellantis
bets on to revive its ailing production in Italy, the brand's head Olivier Francois said on Friday.
Stellantis, which was created in 2021 from the merger of Fiat Chrysler and France's PSA-Peugeot, last year manufactured 475,000 vehicles in Italy, from over 751,000 in 2023, with car production in particular down 46% to its lowest since 1956.
That was due to a mix of factors including low market demand, in particular for
electric vehicles
(EV), growing competition from Asian manufacturers and plants reworking for new model launches.
"That's the 500 for real people, the pragmatic 500," Francois said during a media preview of the car, when some prototypes of it were shown to press.
The new hybrid 500, to be manufactured from November in the Mirafiori complex in Turin, Italy, along its existing fully electric (EV) version, will cost 17,000€ ($20,000), Francois said. It will feature a 12-volt lithium battery.
The automaker plans to produce 5,000 units this year, he added.
Production of the 500 EV, which costs almost 30,000€, amounted to just 25,000 units last year, with Mirafiori suffering several stoppages due to low demand and workers put on furloughs.
The Fiat CEO said the brand has plans to introduce an upgraded and more affordable version of the 500 EV in 2027, with a targeted selling price of "20,000€ or even less", mainly thanks to batteries that will be made in-house.
Stellantis is also working on the new generation of the 500, expected around 2030, to be produced in Mirafiori.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
30 minutes ago
- New Indian Express
Indian markets close lower on Monday amid weak global cues and sectoral pressure
CHENNAI: Indian equity benchmarks ended lower on Monday, July 28, as selling pressure across banking and IT stocks dragged indices into the red. The Nifty 50 fell 0.63% to close at 24,680, while the BSE Sensex lost nearly 570 points, ending the session at 80,890. Kotak Mahindra Bank was among the top laggards, plunging close to 7% after reporting a decline in its consolidated net profit for the June quarter. The bank also flagged rising stress in its retail commercial vehicle (CV) loan segment, which weighed on investor sentiment. IT majors also saw sustained selling, with Tata Consultancy Services (TCS) and Infosys under pressure. TCS further dented confidence after it announced a 2% reduction in its workforce — a rare move among large-cap IT firms. Broader market sentiment remained cautious, influenced by weak cues from Asian markets and a rise in Brent crude prices. Volatility spiked sharply, with the India VIX rising nearly 7%, signaling growing unease among traders. On the BSE, out of 4,299 stocks traded, 2,870 declined while 1,265 advanced and 164 remained unchanged. Market breadth remained weak, with 125 stocks hitting 52-week highs and 89 touching 52-week lows. Additionally, 244 stocks hit the upper circuit, while 321 were locked in the lower circuit. Analysts expect the near-term trend to remain volatile as earnings season continues and global macroeconomic signals remain mixed.
Business Standard
2 hours ago
- Business Standard
China's Shanghai Composite index edges up by 0.12%
Asian shares rose broadly on Monday, though Japanese markets fell sharply due to profit taking after last week's rally. Underlying sentiment remained supported somewhat as the EU and the U.S. struck a last-minute trade agreement and reports suggested the U.S. and China are likely to extend their tariff truce for another 90 days. The EU-U.S. agreement includes a 15 percent tariff on EU goods, down from the 30 percent originally proposed. The EU has committed to purchasing $750 billion worth of U.S. energy and investing $600 billion more into the American economy as part of the agreement. The dollar index held near a one-week high ahead of a busy week for markets, with key data releases, the Federal Reserve's interest-rate decision and earnings reports from major tech companies awaited. Magnificent Seven members Apple Inc., Inc., Microsoft Corp. and Meta Platforms Inc. are all due to report their numbers this week. Gold held steady near $3,340 per ounce in Asian trade while oil prices climbed on optimism that the U.S.-EU trade deal could boost economic activity and lift energy demand. China's Shanghai Composite index edged up by 0.12 percent to 3,597.94 ahead of U.S.-China talks in Stockholm to resolve trade tensions and extend the truce before it expires on August 12. Investors shrugged off data that showed China's industrial earnings fell for a second straight month in June.
India.com
3 hours ago
- India.com
Bad news for China, Pakistan as India-Russia planning to co-produce S-500 air defense system, more dangerous than S-400 because…, China's hypersonic missile will now be…
S‑500 air defence system- File image S‑500 air defence system: In a significant development for India and a matter of bad news for China and Pakistan, India has formally requested Russia's cutting-edge S‑500 Prometheus air defence system. Seen as the successor to the S‑400 air defence system, the S‑500 air defence system is expected to strengthen India's defence. The move is being seen as a strategic move to counter emerging hypersonic missile threats from China and Pakistan. Here are all the details you need to know about S‑500 air defence system and how it will help India. Reports have it that India and Russia both have expressed interest in the join-production of S-500 air defense system. Also, it is being reported that Russia may also transfer the technology of the S-500 missile system of India. Why India needs S‑500 air defence system? Notably, the S‑500 air defence system of Russia is widely considered a significant upgrade over the current S‑400 system, offering advanced capabilities to intercept hypersonic missiles, high-altitude ballistic targets, and even low-earth orbit satellites, promising a broader protective umbrella across aerial and near-space domains Update on remaining S-400 missile systems In a significant good news for India, Russia announced that it is committed to delivering the remaining units of the S-400 air defence system to India by 2025-2026. The Russian Deputy Chief of Mission in India, Roman Babushkin highlighted that the system performed 'very efficiently' during the recent India-Pakistan tensions. When will India receive remaining S-400 missile systems? Babushkin confirmed that the contract for the remaining two S-400 units is on track, with deliveries expected to be completed by 2025-26, in line with publicly announced timelines. Notably, India signed a USD 5.43 billion deal with Russia in 2018 for five squadrons of the S-400 Triumf missile system, a state-of-the-art air defence platform capable of engaging multiple aerial defences. (With inputs from agencies)
