Investing.com -- Stellantis announced Tuesday that it will manufacture 2 million vehicles annually on its new STLA One platform by 2035, according to CEO Antonio Filosa.

The platform will be 20 percent more competitive than the current architecture, bringing Stellantis to cost parity with Chinese automakers in Europe, Filosa said.

The STLA One platform, part of the group's strategy unveiled last month, will launch in Spain in 2027 with production of the new Peugeot 208.

Stellantis showcased the platform at its Mulhouse plant, designed to enable the company to compete on costs with Chinese rivals in the European market.

The CEO said Stellantis is addressing excess capacity in Europe through plant sharing, such as in Rennes, or by investing in new products at facilities like the Mulhouse plant.