FCA CEO Announces Plan To Build Italian-Style Tesla Model 3 Rival

Apr 16, 2016 12:15 PM EDT | Tes Christiansen

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News circuits are speculating over FCA CEO's statement on a possible rival line for Tesla's Model 3 which was released early this month. The Italian-American multinational brand is also known in the industry as the 7th-largest automaker in the world.

CEO Sergio Marchionne raised doubts on Tesla's $35,000 Model 3 business-wise mainly due to the fact that advanced orders are climbing close to 400,000, according to AutoNews Europe. He doesn't seem surprised on the outcome of rising reservations of Elon Musk's latest EV release, however, he is waiting to see if the profits outweigh his expectations.

Marchionne further commented on the Model 3's purchase price at $35,000, if it could give back some profit to Tesla. He added on not holding back in copying the Tesla formula, adding the Italian touch design, and putting it out in the market all in one year. When questioned about the company's take on the self-driving cars' trend, the CEO said that it's not happening anytime soon, according to the news agency.

Meanwhile, an AutoBlog post noted on Tesla CEO Elon Musk's excitement for the Tesla Model 3, which customers can get their hands on by 2017 when the car gets officially released. On the other hand, the FCA boss has been known not only for his controversial statements but also for his dislike of EVs.

Although FCA had built its own version of an EV in 2014, which was the 500e, Marchionne said that the company only did so because of the state of California's mandate on zero-emissions vehicles, and strongly suggested for people not to buy the company vehicle.

It's not a secret that the company is in no hurry to join other auto makers in developing EVs and hybrids, USAToday reported. The auto maker is also set to unveil a Chrysler Pacifica hybrid within this year, and still others to come.

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