Output Increase Will Depend on EV Growth Says Elkann

Rome: An increase in the production of vehicles in Europe and in Italy over the next 20 years will depend on the growth of the EV market, Stellantis President John Elkann said on Wednesday.

According to Ansa News Agency, Elkann emphasized that the current reduction in vehicle production in Europe and Italy is a result of a market contraction over the past two decades. He pointed out that any future increase in production will be closely linked to the growth of the electric vehicle market in the region.

Elkann highlighted that the global vehicle market is substantial, with approximately 80 million units expected to be sold in 2024. He noted that China leads the market with 30 million units, followed by the United States with 16 million, and the European Union with 15 million.

The president of Stellantis also observed significant shifts in vehicle sales over the past 20 years. He stated that sales in China have surged by 400%, while those in the US have seen a slight decline of 5%. In contrast, sales in Europe have decreased by 12%, and Italy has experienced a more pronounced drop of 30%.