TURIN, Italy — Fiat will sell the fully electric version of its new Panda model for less than 25,000 euros ($27,000), the head of the Stellantis brand said on Thursday.

The new Fiat Panda, produced in Serbia, joins a group of Stellantis budget electric vehicle (EV) models, including the Citroen e-C3, aimed at making electric mobility more affordable for European customers.

"Affordability is never optional on a Fiat," the brand's Chief Executive Officer (CEO) Olivier Francois said at a celebration for the 125th anniversary of Fiat in its hometown of Turin, where the new Panda was showcased.

The event was attended by Stellantis CEO Carlos Tavares and Chairman John Elkann, as well as Italy's Industry Minister Adolfo Urso, who was a surprise guest following government criticism which strained relations with the automaker.

Rome this year repeatedly criticized the group for its falling output in the country and for moving production of some models of historic Italian brands like Fiat and Alfa Romeo abroad.

"We must not resign ourselves to the fact that [Italy] becomes a car museum," Urso said in a speech at the event on Thursday.

The new Panda will also be available in a hybrid version, for less than 19,000 euros, Francois said.

Deliveries are expected to start between October and November for the EV and a few months later for the hybrid.

The model marks the first step in a plan to renew Fiat's lineup, helping the brand move its focus off the small car segment and add larger vehicles to its offerings.

Three other models are scheduled as part of the plan, one every year until 2027 a pickup, a fastback and a small SUV covering an increasingly popular market segment and will likely compete with Renault's successful Dacia Duster.

All the new Fiat models will be based on Stellantis' low-cost, multi-energy Smart Car platform for small vehicles that underpins the recently launched Citroen e-C3.

They will be all offered in EV and hybrid versions.

The new Panda, however, will not immediately replace the current Panda model, which could remain in production until 2029, in Italy's Pomigliano plant.