Home Outlet store Stellantis plans to get big on electric vehicles. Here’s what’s in store.

Stellantis plans to get big on electric vehicles. Here’s what’s in store.

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Global automaker Stellantis NV has said it plans to spend more than $ 35.5 billion by 2025 to launch a range of new plug-in models, the company’s most daring statement to date on how she plans to participate in the industry’s increasingly intense electric vehicle race.

The automaker, formed earlier this year by the merger of Fiat Chrysler Automobiles NV and the French group PSA, also plans to become more involved in the development and supply of batteries, with the aim of reducing the costs of the one of the most expensive components for an electric car.

Executives said Thursday its strategy will support the creation of five battery factories in North America and Europe and that it aims to offer electrified options under all of its 14 brands, including Jeep, Ram, Peugeot and Citroën. . New models planned include a Ram electric truck, which is expected to arrive in 2024, and a Dodge electric muscle car, which will be released that same year.

“This electrification journey is perhaps the most important building block of our long-term plan,” CEO Carlos Tavares said in a presentation to analysts and reporters.

The company’s roll-out of its plans did little to stimulate investors. Stellantis shares slipped 3.1% to $ 18.98 on Thursday.