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Stellantis makes €30bil wager on EV market

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Stellantis, the world's No. 4 automaker, said today it plans to invest more than €30 billion (RM147bil) through 2025 on electrifying its vehicle lineup.

MILAN/DETROIT: Stellantis, the world's No. 4 automaker, said today it plans to invest more than €30 billion through 2025 on electrifying its vehicle lineup.

Stellantis said at its"EV Day 2021" that it is targeting more than 70% of sales in Europe and over 40% in the United States to be low-emission vehicles - either battery or hybrid electric - by 2030. It aims to make the total cost of owning an EV equal to that of a gasoline-powered model by 2026. It wants to secure more than 130 gigawatt hours of battery capacity by 2025 and more than 260 GWh by 2030. Stellantis said it has signed memorandums of understanding with two lithium geothermal brine process partners in North America and Europe to ensure supplies of lithium, a critical raw material for batteries.

Germany's Volkswagen, the world's second-biggest automaker after Toyota, expects all-electric vehicles to account for 55% of its total sales in Europe by 2030, and more than 70% of sales at its Volkswagen brand.

 

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