Parent company Peugeot and Fiat is investing $30 billion in electric driving
Stellantis has it announced on Thursday. The car group wants about 70 percent of sales in Europe to be an electric model by 2030. In the US, four out of ten cars should be electric.
Five giga factories
Part of the investments is the development of new battery technologies, without nickel and cobalt. There is a lot to do, especially regarding this last mineral. Cobalt is mined largely in the Democratic Republic of the Congo, where human rights violations are violated today.
A total of five Giga battery plants will be built this decade, including in Italy, France and Germany. Stellaantis batteries should soon be good for a range of 480 to more than 800 km.
Stellantis was created at the beginning of this year after the merger of PSA and Fiat Chrysler. The group consists of fourteen brands: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Jeep, Lancia, Maserati, Peugeot, Opel, RAM and Vauxhall.
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The company tightened its first-half earnings forecast earlier on Thursday, despite a global chip shortage driving up prices. Furthermore, Stellantis expects to reach a double-digit profit margin by 2026.
Stellantis isn’t the only auto company investing heavily in electrifying its fleet. Volkswagen (33 billion), Ford (22 billion) and General Motors (20 billion) announced similar plans previously.
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