As electric vehicles continue to grow in popularity not only because of their cost-saving mileage but also due to their lower environmental impacts relative to gasoline-powered cars, major automakers have joined the race to catch up with established players in the field: aka Tesla. Now it appears that Fiat Chrysler’s premium brand Maserati has also decided to join the EV market, threatening to give Tesla a run for its money.
Reuters recently reported that Maserati’s chief executive Davide Grasso announced the luxury automaker’s plans to create either all-electric or hybrid versions of its entire lineup within the next five years. Speaking at a fashion web event that was organized by Italian daily Milano Finanza, Grasso noted that Maserati’s new Grecale SUV, which is slated to be released next year, will be offered as both a combustion engine and a hybrid version, while a fully-electric version will be made available in the foreseeable future.
Maserati also plans to electrify its new Gran Turismo and the Gran Cabrio, as well as all of its other models within the next five years, due to the anticipated growth in demand for zero-emission vehicles.
Fiat Chrysler, which owns Maserati, has also recently announced plans to electrify its widely-popular Ram pickup truck, but stopped short of providing further details as to when the all-electric version would be available to hit the market. Fiat Chrysler has nearly recouped its losses from its pandemic-lows, but still remains 15% below last year’s levels.
As major US automakers increase their investment commitments in electric vehicle manufacturing, it appears that America’s incoming administration will be beneficial to their efforts. During the presidential election race, the now-president-elect Joe Biden announced plans to create a network of over 500,000 charging stations across the country, as well as offer rebates to consumers that replace their older vehicles for new, fuel efficient models.
Information for this briefing was found via Reuters and Fiat Chrysler. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.