Stellantis CEO warns against aggressive price cuts in electric vehicle market

Stellantis CEO Carlos Tavares has cautioned against a "race to the bottom" in the electric vehicle (EV) market, warning of a potential "bloodbath" if manufacturers, such as Tesla, continue aggressive price cuts to make EVs more affordable. Tavares highlighted the impact on profitability from such strategies and emphasized the need to avoid disregarding production costs. The EV efforts of major American automakers like Ford and General Motors have faced challenges, with Ford announcing production cuts and workforce trimming for its F-150 Lightning. Tesla's ongoing price reductions, particularly in European and Chinese markets, have further intensified competition in the EV sector.