Stellantis announces €30 billion bet in electrification push through 2025

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Stellantis announces €30 billion bet in electrification push through 2025
Stellantis announces €30 billion bet in electrification push through 2025 (Provided by Financial World)

On Thursday, Stellantis NV, the Dutch-domiciled world’s fourth-largest carmaker headquartered in Amsterdam, Netherlands, said that the automaker had been brewing off an option to lay off more than €30 billion ($35.50 billion) through 2025 in a bid to muscle up the electrification of its entire fleet.

Aside from that, the Dutch-domiciled multinational automotive industry Goliath, Stellantis, which was formed back in January this year following a $52 billion mega-merger between the Italian-American Fiat Chrysler and French Groupe PSA, added in the statement that its latest move to step up focus on electric vehicle line-ups would be backed by five EV battery plants in the Europe alongside North America, pointing towards a pluperfect move that could heat up competition in a highly clogged global electric vehicle industry largely having dominated by Elon Musk’s Tesla Inc.

Meanwhile, speaking in a webcast during the company’s ‘EV Day 2021’ event, Stellantis Chief Carlos Tavares said late in the day, “This transformation period is a wonderful opportunity to reset the clock and start a new race.

The group is at full speed on its electrification journey. Former PSA Group already had a good electrified offer that Stellantis will surely try to leverage at best and even the former FCA made steps ahead recently, so the big step up in electrification by 2025 seems achievable”.

Stellantis to invest €30 billion in electrification push through 2025

More importantly, Stellantis was quoted saying in the statement that it would target battery or hybrid vehicles accounting for more than 70 per cent of its entire sales in the Europe and 40 per cent in the US by 2030, while the automotive behemoth would offer fully electric vehicles under all 14 of its brands such as Jeep, Ram, Opel, Fiat alongside Peugeot among others, added the statement.