Opel Auto, a German brand owned by Stellantis (NYSE:STLA), spoke on Monday of its aim to introduce an all-electric vehicle priced at approximately €25,000 ($26,967) without factoring in incentives, with a target launch around 2026.
Opel/Vauxhall CEO Florian Huettl made a notable appearance at the IAA Mobility auto show in Munich, expressing, “With purely electric platforms from Stellantis, we will be able to offer prices that will allow us to touch a far wider audience."
European automakers, including Volkswagen (ETR:VOWG_p) with the ID2 and Renault (EPA:RENA) with the Renault 5, are gearing up to introduce cost-effective compact electric vehicles, poised to compete against Chinese counterparts from brands like MG.
Opel has set an ambitious goal of exclusively selling fully electric vehicles by 2028.
Huettl said that by 2024, all Opel models will offer a battery-electric version, while beginning in 2025, all newly introduced Opel models will exclusively be launched as fully battery-electric vehicles.
Shares of STLA are down 1.21% in premarket trading Tuesday.