Salem Radio Network News Saturday, July 31, 2021

Business

Stellantis to invest more than 30 billion euros to electrify vehicle lineup

By Giulio Piovaccari

MILAN (Reuters) – Stellantis, 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.

The company, which was formed in January from the merger of Italian-American automaker Fiat Chrysler and France’s PSA, said its strategy will be supported by five battery plants in Europe and North America as it gears up to compete with electric vehicle (EV) leader Tesla and other automakers globally.

“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.

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 said all 14 of its vehicle brands – including Peugeot, Jeep, Ram, Fiat and Opel – will offer fully electrified vehicles.

Earlier, Stellantis flagged that 2021 got off to a better-than-expected start despite a global chip shortage.

($1 = 0.8442 euros)

(Additional reporting by Clement Martinot, and Ben Klayman in Detroit; Editing by Agnieszka Flak, David Clarke and Paul Simao)

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