AUBURN HILLS, Mich. —As every credit union lender is aware, rising new and used car prices have led to longer loan terms and an increasing number of borrowers upside down in their vehicles, with the amount owed on the car greater than the value of the vehicle itself.
Now, Stellantis said to introduce 11 new vehicles in North America by 2030, including seven priced in the roughly $40,000 range and two below $30,000, in what The Wall Street Journal reported is an effort to counter years of rising automobile prices and bring more affordable options back to the market.
According to the report, the vehicle rollout is part of a broader strategy under Stellantis to regain market share and reconnect with price-sensitive consumers who have increasingly struggled with elevated new vehicle prices.
Seeking to Broaden Affordability
Reuters separately reported the company’s larger five-year business plan calls for approximately €60 billion ($70 billion) in investment and includes 60 new vehicle launches globally as Stellantis attempts to accelerate growth while broadening affordability across key markets.
The company said its North American strategy will emphasize vehicles positioned below prevailing transaction prices, with nine of the 11 new vehicles expected to come in under $40,000, including seven clustered around that price point and two with starting prices below $30,000.
Reuters reported the affordability strategy reflects a shift under CEO Antonio Filosa, who is redirecting investment toward the automaker’s strongest brands and emphasizing faster product development and cost discipline.
According to Reuters, approximately 70% of Stellantis’ brand and product investment is expected to be concentrated in Jeep, Ram, Peugeot, Fiat and commercial vehicle division Pro One.
‘Profitable & Sustainable’
Reuters reported Filosa told investors the company’s plan is intended to create conditions for “profitable and sustainable growth.”
The Wall Street Journal reported that Chrysler — which currently offers only the Pacifica minivan in the U.S. market — is expected to receive three new compact SUV entries under the plan, including at least one vehicle expected to start below $30,000.
