Carmaker Stellantis plans to launch a brand new mannequin in India and Latin America subsequent yr underneath its Citroen model, the group mentioned on Thursday, because it goals to push out of its European turf and department additional into rising markets the place it has much less publicity.
The plan marks Citroen’s return to India, a promote it left within the Nineteen Thirties, and comes at a time when another overseas carmakers are leaving the nation after struggling to make a revenue.
Stellantis, which was shaped earlier this yr by the merger between Fiat Chrysler and Peugeot-maker PSA, has manufacturers like Jeep and Ram within the United States, however continues to be aiming to cut back its reliance on Europe.
The firm mentioned it plans to provide a brand new model of the Citroen C3, positioned as a metropolis automobile in Europe, in India and Latin America for launch within the second half of 2022.
The mannequin will likely be produced in India, by means of a three way partnership with CK Birla, and in Brazil.
Citroen mentioned it could be the primary of three fashions which it’s going to produce and purpose at India and Latin America over the subsequent three years.
Stellantis has mentioned it expects India to turn into the world’s third largest automobile market after China and the United States by 2030 with whole new vehicles within the nation reaching 4-5 million vehicles a yr.
Still, the nation has proved difficult for a lot of overseas carmakers, which compete with native producers corresponding to Maruti Suzuki there in addition to South Korea’s Hyundai. Ford final week mentioned it was stopping manufacturing in India.
Stellantis goals to develop gross sales outdoors Europe to 30 per cent of its income by the center of this decade, in comparison with 15 per cent now.
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)