Carmaker Stellantis to invest €30 billion to boost its EV lineup

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Stellantis, a multinational automotive manufacturing corporation and the owner of the British car manufacturer Vauxhall Motors, has reportedly announced that it will invest more than €30 billion (£26 billion) on electric vehicles by the end of 2021.

For the record, Stellantis is the fourth-largest car manufacturer in the world, and was formed back in January as a result of the merger of France’s PSA and Italian American automotive company, Fiat Chrysler.

Stellantis stated that it would set up at least five battery facilities in Europe and the United States to effectively support it growth strategy. The company has already announced the construction of two factories in Germany and France, with a third being planned for Italy, in Termoli.

The company also stated that all 14 brands under its umbrella, which include the likes of Jeep, Fiat, Opel, Ram, and Peugeot, would begin selling completely electric vehicles.

According to the company, it aims to keep automobiles cheap and environmentally friendly. However, a spokesperson from Stellantis declined to disclose what kind of prices the company plans to charge for its passenger cars.

Moreover, the automaker also plans to electrify its commercial vehicle lineup and introduce hydrogen fuel-cell vans by year’s end.

Stellantis CEO, Carlos Tavares, stated that this period of transformation is an ideal opportunity for the company to reset the clock and start a new race. The group is accelerating its electrification efforts at full speed.

The company also disclosed that its electric cars would be manufactured on four platforms, with driving ranges ranging from 500 to 800 KMs with a single charge and fast-charging speeds of 32 kilometers (20 miles) per minute.

This week, Vauxhall, one of the brands under the Stellantis portfolio announced plans to manufacture electric vans at its existing facility in Ellesmere Port, Cheshire. The investment of £100 million, to which the UK government will pay around £30 million, will save more than 1,000 industrial jobs.

Source credit: https://www.bbc.com/news/business-57765120