Stellantis Invests Over $35 Billion Towards EV Lineup
Stellantis, the consolidated automaker behind brands Fiat Chrysler and French-based PSA Groupe, has decided to allocate tens of billions of dollars towards the electrification of its vehicles and other supporting technologies through to 2025.
On Thursday, the world’s fourth largest carmaker announced plans to invest a minimum of $35.5 billion towards new electric vehicles for both the US and European auto market. With the latest investment, Stellantis plans to produce an all-electric Jeep SUV by 2025, as well as Dodge muscle car by 2024. The automaker also announced plans to create an electric Ram pickup truck by 2024, although trailing two years behind rivals GM and Ford.
Stellantis now anticipates that more than 40% of its US-based vehicle sales and 70% of European sales will be low-emission cars, such as hybrid and fully-electric models. The company’s executives also said that the automaker is looking to create new EV technology as well, such as remote or over-the-air updates in an effort to expand the lifetime of their cars. In addition, Stellantis also plans to build five new battery manufacturing plants by 2030.
Information for this briefing was found via Stellantis. 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.
