Tesla's new luxury rival introduces its first electric SUV

Tesla  (TSLA) - Get Free Report seems to have new rivals entering the electric vehicle market and long-time competitors rolling out new models regularly as they seek to take a bite out of the Austin, Texas, EV maker's industry leading hold on the market.

Whether its Hyundai  (HYMTF) - Get Free Report, Volkswagen  (VWAGY) - Get Free Report, General Motors  (GM) - Get Free Report, Ford  (F) - Get Free Report, BMW  (BMWYY) - Get Free Report or a number of other nameplates, Tesla manages to remain hundreds of thousands of EV deliveries ahead of major automakers.

Related: Tesla offers new discounts on electric vehicles with conditions

Stellantis  (STLA) - Get Free Report, the successor to Big Three automaker Chrysler, is trying to stay in the hunt as it is ramping up its efforts to compete in the electric vehicle market worldwide. The Netherlands-based automaker's lineup of vehicles boasted 24 battery electric vehicles on the market by July 2023 and it has many more on the way.

Stellantis rolling out new electric vehicles

The EV maker has revealed low-priced entry-level electric vehicles that it plans to begin selling in 2024 to compete with French automaker Renault in Europe as well as Chinese EV companies. The company in August said it would unveil a second new entry-level Fiat-branded electric vehicle in July 2024 that will be priced less than €25,000 or about $27,390. The company, however, hasn't said whether the vehicle might be sold in the U.S.

Stellantis in October revealed its updated all-new, all-electric Citroën e-C3, which is its first European-designed, European-built B-segment, or subcompact, EV hatchback. The new vehicle is estimated to have a 199-mile range. The EV accelerates 0 to 62 mph in 11 seconds with a provisional top speed of 84 mph for everyday driving and traffic in urban and suburban areas. The company said it will begin selling the new Citroën e-C3 electric car to Europe in early 2024.

The company says that the vehicle will likely be priced below £23,000 ($27,900) in the UK. No word yet if the Citroën e-C3 will roll out in the U.S.  Stellantis already said it would bring Fiat's best-selling EV, the Fiat 500e, to the U.S. market in 2024 to compete against Tesla.

In 2025, Stellantis will offer a Citroën e-C3 with a 200 km- or 124-mile range and priced at €19,990 or $21,068, the company said. That price would be lower than any new EV sold in the U.S. today.

Alfa Romeo names its new electric SUV

Stellantis Italian luxury brand Alfa Romeo is finally entering the EV market as it has chosen the name of its first EV, the Milano sport urban vehicle, which it will unveil to the world in Milan, Italy, in April 2024, according to a Dec. 14 statement. The company chose the Milano name, obviously, as a tribute to the city where the brand was established in 1910.

Alfa Romeo in June 2023 had asked its legion of fans, known as the Alfisti, for their suggestions for the name of the company's first fully electric vehicle. 

The Alfa Romeo Milano rejoins the B-segment in Europe in its transition to electric cars. The company's Tonale hybrid and plug-in hybrid vehicles debuted in the fourth quarter of 2022.

The company's long-term product plan "From 0 to 0" strives for its objective to go from zero electrified vehicles in 2021 to a lineup with zero emissions in 2027. In 2025, it plans to unveil its first vehicle exclusively available in 100% electric version on its way to its goal of being completely electric in 2027.

Stellantis has not revealed any details yet for the Alfa Romeo Milano, such as price, range, amenities or an image of a concept vehicle.