Stellantis vows to invest €30bn in EVs

Photo: AP Carlos Tavares

The car production conglomerate Stellantis announced it would invest €30bn in electric vehicles by the end of 2021. The company earmarked a target to make the total cost of owning an electric vehicle equal to that of a petrol-driven model by 2026, BBC elaborated. Stellantis said it would build at least five battery plants across Europe and in US to implement its strategy. It has already announced two plants in France and Germany, and the third will be in Italy.

Stellantis is the world's fourth-biggest car maker and was formed in January from the merger of Italian-American firm Fiat Chrysler and France's PSA. It is aiming to compete with electric vehicle leader Tesla and other big car manufacturers.

Stellantis said that all 14 of its vehicle brands, which include Peugeot, Jeep, Ram, Fiat and Opel, will start selling fully electrified vehicles. It said it intended to focus on keeping the vehicles affordable and sustainable. However, a spokesman declined to indicate what sort of prices Stellantis intended to charge for passenger cars. It will also electrify its commercial vehicle line-up, and roll out hydrogen fuel-cell vans by the end of 2021. "This transformation period is a wonderful opportunity to reset the clock and start a new race," Stellantis chief executive Carlos Tavares said. "The group is at full speed on its electrification journey." The company said its electric cars would be built on four platforms, have driving ranges of 500 to 800 km on a single charge, and fast-charging capability of 32 km per minute.

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