Stellantis Makes 30 Billion Euro Wager on Electric Vehicle Market

Stellantis (STLA.MI), the world’s No. 4 automaker, said on Thursday it plans to invest more than 30 billion euros ($35.54 billion) through 2025 on electrifying its vehicle lineup.

“This transformation period is a wonderful opportunity to reset the clock and start a new race,” Stellantis Chief Executive Carlos Tavares said on a webcast during the company’s “EV Day 2021” event. “The group is at full speed on its electrification journey.”

Stellantis said it is targeting more than 70% of sales in Europe and over 40% in the United States to be low-emission vehicles – either battery or hybrid electric – by 2030. It aims to make the total cost of owning an EV equal to that of a gasoline-powered model by 2026.

It said all 14 of its vehicle brands – including Peugeot, Jeep, Ram, Fiat and Opel – will offer fully electrified vehicles. Another focus will be electrifying its commercial vehicle lineup, and rolling out hydrogen fuel-cell medium vans by the end of 2021.

Source: Reuters