Carlos Tavares, chief executive officer of Stellantis NV, beside a Citroen C5 Aircross Concept automobile at the Paris Motor Show in Paris, France, on Monday, Oct. 14, 2024.
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PARIS, France — Several of Europe’s biggest carmakers unveiled low-cost electric vehicles (EVs) at the Paris Motor Show this week, seeking to jump-start a demand slump and recapture some of the market share now held by Chinese brands.
It is thought that the biennial industry showcase, which opened in Paris on Monday and runs through to Sunday, could prove to be a turning point for Europe’s auto industry.
“It feels like Europe is fighting back,” Julia Poliscanova, senior director for vehicles and e-mobility supply chains at the Transport & Environment campaign group, told CNBC at the Paris Motor Show.
“There are so many new models on show, and what is really great is that there are a lot of launches that are more affordable. So, Citroen, Peugeot [and] Renault, they are all showing some smaller affordable models,” Poliscanova said.
“This is exactly what we need for the mass market, for people to buy those vehicles more, and this is also where the competition from the Chinese is also the hardest,” she added.
The partly covered wheel of a BYD Co. electric vehicle at the Paris Motor Show in Paris, France, on Tuesday, Oct. 15, 2024.
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European car giants have been contending with a perfect storm of challenges on the road to full electrification, including a lack of affordable models, a lower-than-anticipated rollout of charging infrastructure and a brewing trade war with China.
The pressure on European automakers is poised to ratchet up further next year, when emissions-reduction targets come into force, with some calling for urgent relief measures to avoid the prospect of hefty fines.
It is against this backdrop that car manufacturers, acutely aware of the need to boost EV sales, have sought to use the Paris Motor Show as a platform to launch an array of low-cost models.
French carmaker Renault, for instance, presented the Twingo E-Tech electric prototype to the public for the first time. It says prices for the all-electric car will start at less than 20,000 euros ($21,800) when it reaches the market in 2026.
Renault also unveiled its small electric SUV, the R4 and is already receiving orders for its electric R5 model. The group’s Dacia brand presented its Spring model, hailing it as one of the most affordable EVs on the…
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