“We are a newcomer moving into a relatively new segment in the market with the electric C3. This space is evolving. We want to be a key player in this emerging segment,” Roland Bouchara, chief executive of Stellantis India, told ET. Citroën is part of the Stellantis Group, which also sells the Jeep brand in India.
With almost all automakers lining up electric cars for launch in the mainstream market over next few years and an increase in availability of charging stations, Bouchara said the firm expects sales of EVs to grow to about 770,000 units annually over next eight years, from 55,000-60,000 units in 2022.
EV sales in this period are expected to grow at a compounded annual rate of 56%, as against 5.6% estimated for the overall passenger vehicle segment, according to the company. Its estimate, however, suggests that the share of EVs in India’s passenger vehicle market would be lower than government think tank NITI Aayog’s target of 30% by 2030.
To ease the anxiety over the range of EVs, the automaker has formed a strategic partnership with Jio-BP to set up fast chargers in key showrooms and dealerships, said Saurabh Vatsa, Citroën’s brand head for India. The facilities will be open to all, though preference will be given to its customers.
In addition to the electric C3, which is expected to be priced between Rs 10 lakh and Rs 12 lakh, Citroen plans to launch two more products in the local market by the end of next year. These products, which will run on conventional fuels, will be positioned in the fast-growing utility vehicle segment and the company expects those to help shore up its volumes. Overall, though, the aim is not to chase volumes but to grow consistently and profitably, Bouchara said.
The automaker is banking on heavily localised vehicles to keep prices competitive. “We have also localised the gearbox and the powertrain even before launching our first vehicle, which no other manufacturer operating here has done. We have made small changes in our strategy based on our learnings from the market to expand our footprint here,” he said.
