Video source: YouTube, Stellantis
Stellantis NV (NYSE: STLA), the parent company of car brands including Jeep, Dodge and Ram, plans to invest at least $35.5 billion by the end of 2025 to expand its lineup of electric vehicles.
On Thursday, the world’s fourth-largest automaker said within the next four years it will have 55 electrified vehicles on the market in the US and Europe.
By 2030, Stellantis anticipates more than 70% of its sales in Europe and over 40% of its US sales to be all-electric or plug-in hybrid vehicles.
The company said that each of its 14 brands have committed to “offering best-in-class fully electrified solutions” in a way that “enhances the DNA of each brand.”
The company also plans to have five battery production factories in Europe and North America by 2030.
Its upcoming all-electric offerings include a muscle car from Dodge, a Ram pick-up truck and a Jeep in every SUV category.
Video source: YouTube, Stellantis
The company’s chief executive officer Carlos Tavares said the company’s EV plans are in “full execution mode” and “quite possibly the most important brick to lay as we start to reveal the future of Stellantis.”
“The strategy we laid out today focuses the right amount of investment on the right technology to reach the market at the right time, ensuring that Stellantis powers the freedom of movement in the most efficient, affordable and sustainable way,” he said.
Stellantis was formed in January through a $52 billion merger of Fiat Chrysler Automobiles and PSA Groupe. Its 14 brands include Jeep, Dodge, Ram, Opel, Fiat, Peugeot and Maserati.
The company expects to increase its profitability over the next several years through technology improvements and cost savings from its merger.
Tavares said, “We have the scale, the skills, the spirit and the sustainability to achieve double-digit adjusted operating income margins, lead the industry with benchmark efficiencies and deliver electrified vehicles that ignite passion.”
Stellantis is the latest automaker to announce it would allocate billions of dollars toward the development of EVs.
Ford Motor Company recently upped its spending commitment by more than a third to over $30 billion by 2030.
General Motors Company also said it plans to boost global spending on electric and autonomous vehicles to $35 billion through 2025, a 75% increase from previously announced plans.
_____
Source: Equities News
Read Next
