Stellantis Expects India to be a Profitable Market

Carlos Tavares, CEO of Stellantis, expects India to be a profitable market and will be providing greater growth opportunities than automakers previously expected as it faces challenges in countries such as China and Russia.

India, where Stellantis sells the Jeep and Citroen brands, accounts for a part of the global sales of the automaker, but Tavares said that he expects revenues to more than double in the South Asian countries by 2030. He also claimed that the operating profit margins will also be in double digits within the next couple of years.

Western automakers are struggling to make money in India, a market dominated by Suzuki and Hyundai in Asia, with small, low-cost cars. Facing the same issue, last year, Ford also stopped selling its cars in India.

Founded in early 2021 by the merger of France's PSA and Fiat Chrysler (FCA), Stellantis launched a new group strategy in March to step up its efforts to introduce electric vehicles (EVs) while maintaining profitability. Tavares said, “The challenges are giving India a bigger opportunity, even bigger than in the past.”