Chrysler’s Airflow all-electric concept sedan.
Courtesy Stellantis
More traditional auto makers are taking aim at Tesla and going after a piece of the growing electric-vehicle pie.
Stellantis (ticker: STLA) brand Chrysler unveiled a self-driving concept EV at the Consumer Electronics Show in Las Vegas. The new car is just the start for the former member of the Detroit-three group of auto makers. Chrysler wants to sell only electric vehicles by 2028.
The Chrysler Airflow is an all-electric sedan that will house Stellantis’ most advanced vehicle technologies. An Airflow, for instance, will be equipped with level three autonomous driving capabilities. That means drivers can safely stop paying attention to the road under certain, limited circumstances. Today’s autonomous driving features are classified as level two. That means cars can do a lot for drivers such as manage speed and even change lanes, but drivers still need eyes on the road 100% of the time.
In addition to self-driving technologies, an Airflow will include STLA SmartCockpit, which personalizes the driving experience, connecting work and home devices for a user. Per charge range is targeted at 350 to 400 miles. Pricing isn’t available yet.
“The Chrysler Airflow Concept represents the start of the brand’s journey toward a fully electrified future,” said Ralph Gilles, chief design officer at Stellantis, in a company news release.
The Airflow will be Chrysler’s first all-electric vehicle and is due to hit roads in 2025. Chrysler plans to be an all-electric producer by 2028.
Chrysler is one brand inside of Stellantis, along with Fiat and Peugeot. Stellantis wants 70% of its new cars sold in Europe to be all-electric by 2030, along with 40% of its new cars sold in the U.S. Those EV goals are similar to other auto makers such as General Motors (GM) and Ford Motor (F).
At that level of penetration, EV volumes in the U.S. and Europe should reach roughly 20 million units annually, up 10-fold from 2021.
Today, Tesla (TSLA) has roughly 70% market share of EV sales in the U.S. and 20% share in Europe. (There are many more EV models being sold in Europe than the U.S.). One big question for investors to figure out, amid all the EV announcements from traditional auto makers, is which companies will get some of that share from the EV leader. And, of course, how much share Tesla will retain.
Some of the most bullish estimates on Wall Street have Tesla making roughly 20% of all EVs around the globe by the end of the decade.
Concept car announcements don’t typically move auto maker shares. That seems to be the case Wednesday. Stellantis stock was down about 1% in premarket trading after rising 3.8% Tuesday. S&P 500 and Dow Jones Industrial Average futures were flat.
Write to Al Root at [email protected]
