Global auto-making giant Stellantis N.V. said it plans to spend more than €30 billion on electric vehicles and software through 2025 and establish five battery plants in Europe and North America, the latest auto maker to deepen its bet on plug-in models.
The car company, formed earlier this year through the merger of Fiat Chrysler Automobiles N.V. and France’s PSA Group, also plans to get more involved with battery development and sourcing, aiming to drive down costs on one of the most expensive components for an electric car.
Stellantis intends to offer electrified options under all 14 of its brands—which include Jeep, Ram, Peugeot and Citroën—and plans to roll out electric models that have battery ranges between 300 and 500 miles, the company said Thursday.
“Stellantis is now in full execution mode at full speed on its electrification,” said Chief Executive Carlos Tavares, during a presentation to analysts and journalists.
Stellantis shares slid 3.4% to $18.93 in morning trading.