When the Agnelli and Peugeot clans finally decide to place a bet they can wager very large stakes.
From BNN Bloomberg, July 8:
Stellantis NV plans to spend more than 30 billion euros ($36 billion) on an electrification and software strategy that will be pivotal for what’s become one of the world’s largest automakers.
The company formed from the merger of Fiat Chrysler and PSA Group intends to source 260 gigawatt-hours of EV batteries from five factories in Europe and North America by 2030. That’s a significant step up in capacity for a group chasing Tesla Inc. in the burgeoning business of electric vehicles.
The plans are part of Chief Executive Officer Carlos Tavares’s bid to bring together a sprawling empire of 14 auto brands and shift them to an electric future. The maker of Jeeps and Peugeots is following rivals Volkswagen AG, General Motors Co. and Ford Motor Co. in laying out multi billion-dollar plans to invest in EVs and battery factories.
Stellantis is pushing hard to electrify in Europe, where its Opel and Fiat brands will phase out gasoline cars over the coming years amid pressure from regulators to cut emissions. It’s less ambitious in the U.S., where Ram’s first all-electric truck will be released in 2024 -- some years after rival models from Ford and GM....
....MUCH MORE
