The investment will cover the electrification costs of all its 14 brands
Netherlands-based automobile company Stellantis revealed plans to invest over €30bn in electrification and software as part of its efforts to become a market leader in low emission vehicles (LEVs).
The investment will be made through 2025 for electrifying all its 14 brands. It also covers equity investments to be made in joint ventures for funding their activities.
Stellantis was created in January 2021 through the merger of Fiat Chrysler Automobiles and Peugeot. Its brands include Chrysler, Abarth, Fiat, Peugeot, Vauxhall and others.
The automobile company said that it is targeting more than 70% of sales in Europe to come from low emission vehicles by 2030. In the US, Stellantis is targeting more than 40% for the same.
Stellantis CEO Carlos Tavares said: “The customer is always at the heart of Stellantis and our commitment with this €30 billion plus investment plan is to offer iconic vehicles that have the performance, capability, style, comfort and electric range that fit seamlessly into their daily lives.
“The strategy we laid out today focuses the right amount of investment on the right technology to reach the market at the right time, ensuring that Stellantis powers the freedom of movement in the most efficient, affordable and sustainable way.”
The company said that it plans to manufacture battery electric vehicles (BEVs) with ranges of 500-800km and fast charging capability of 32km per minute.
To support the development of fast charging networks in Europe, the company has a memorandum of understanding (MOU) with Free2Move eSolutions and Engie EPS. The company plans to replicate the business model of Free2Move eSolutions for the North American market.
Stellantis revealed that the backbone of its electrified vehicles will be four BEV-centric platforms – STLA Small, STLA Medium, STLA Large and STLA Frame.
The Dutch automobile company expects the combination of the four platforms, its electric drive modules (EDMs), and high energy-density battery packs to produce vehicles having the best in efficiency, range, and recharging.
Stellantis said that it plans to source more than 260GWh of batteries by the end of the decade. The strategy is backed by five gigafactories in Europe and North America.
The company said that the life of the BEV-centric platforms will be extended into the next decade through a programme of hardware upgrades and over-the-air software updates.
Stellantis said that it intends to develop software and controls in-house to sustain the characteristics that are unique to each of its brands.
Earlier this month, the company said that it will invest £100m in Vauxhall’s manufacturing plant in Ellesmere Port in England, which will be transformed to enable electric vehicle manufacturing.