A newcomer in the luxury car market debuts its inaugural electric SUV, posing a challenge to Tesla's dominance in the segment.

Tesla faces an evolving landscape in the electric vehicle market, with several formidable rivals stepping into the arena. Notable competitors such as Hyundai, Volkswagen, General Motors, Ford, BMW, and Stellantis (formerly Chrysler) are intensifying their efforts, unveiling new models and expanding their electric vehicle offerings.

Stellantis, in particular, is making significant strides, showcasing a range of electric vehicles set to hit the market. The company has unveiled plans for affordable entry-level electric vehicles aimed at challenging competitors like Renault in Europe and various Chinese EV manufacturers. Among its releases, the Citroën e-C3, a compact EV hatchback boasting an estimated 199-mile range and slated for an early 2024 European debut, stands out. Additionally, Stellantis intends to introduce the Fiat 500e to the U.S. market by 2024, positioning it as a direct competitor to Tesla's offerings.

Looking ahead, Stellantis has ambitious plans, aiming to introduce more cost-effective electric vehicles with impressive ranges, targeting a price point below €20,000 ($21,000). The company's Alfa Romeo brand is also joining the electric movement, teasing its first electric SUV, the Alfa Romeo Milano, set to be unveiled in Milan in April 2024.

This flurry of developments aligns with Stellantis' broader strategy, "From 0 to 0," aiming for a transition from zero electrified vehicles in 2021 to a fully emissions-free lineup by 2027. While specific details about the Alfa Romeo Milano remain undisclosed, including pricing, range, and features, the company's commitment to an all-electric future signifies the growing competition Tesla faces in the expanding EV market.

--------This article is partly excerpted from TheStreet.