Auto Giant Stellantis to Invest €30B in Electrification through 2025

Global automaker Stellantis, born out of a merger between Faya Chrysler Automobiles and French automaker Group PSA, will invest €30 billion (€ 35.5 billion) in transition from electric vehicles and new software over the next four years as part of a larger push to move away?  Throughout the first half of the decade, the world’s fourth-largest automaker joined hands with competitors such as General Motors and Volkswagen to invest millions of dollars. 

The company’s plans include the production of an electric Dodge muscle car and an electric ram pickup truck by 2024. Speaking at the company’s opening ceremony on Thursday, CEO Carlos Tavares said the ultimate goal is to achieve a sales target of 70% in Europe and 40% in the United States by 2030 for low-emission vehicles (including plug-ins).

Stellaris has been slower in electrification than some of its competitors, perhaps the best sellers in its lineup leaning towards performance and heavy-duty models. The company designs and manufactures cars across a dozen brands, including Jeep, Chrysler, Ram Trucks, and Dodge. Its major brands in Europe include Peugeot, Vauxhall, Citroen, and Fiat. To provide the electrification strategy, Stellantis executives say the company will produce 130 gigawatt-hours of battery power and about 260 gigawatt-hours in five factories in North America and Europe by 2025.

With the goal of developing solid-state battery technology by 2022, the company will use two battery chemistries by 2024. The car giant is also developing a portfolio of four dedicated electric vehicle platforms: small, for city driving; for medium, premium vehicles; Great for performance and muscle models; Frames for trucks and heavy-duty vehicles. The platforms will be 300 miles for the smaller and up to 500 miles for the larger and frame. Stalentis CFO Richard Palmer aims to reduce battery consumption by 40% by 2024. The platforms will be 300 miles for the smaller and up to 500 miles for the larger and frame. Stalentis CFO Richard Palmer aims to reduce battery consumption by 40% by 2024.