Stellantis, the owner of Peugeot, Fiat and Jeep, said on Tuesday it will invest €1 billion in its Mulhouse factory in eastern France to develop and manufacture three new Peugeot electric or hybrid models, starting in 2029.
The move comes as European carmakers grapple with weak demand in China, rising global competition and tariffs. At the same time, Chinese brands such as BYD, MG Motor and Chery are gaining ground in Europe's growing EV market, prompting automakers to invest heavily in new technologies and more affordable models.
