Stellantis announced that it plans to invest more than $35.5 billion through 2025 in electrification. The world’s fourth-largest automaker was formed via the merged automaker between Fiat Chrysler and French automaker PSA Group,
The company intends to have 55 electrified vehicles in the U.S. and Europe by 2025. That includes 40 all-electric models and 15 plug-in hybrid electric vehicles. Several other automakers such as GM have announced plans to eventually sell only all-electric vehicles.
Stellantis CEO Carlos Tavares said that the company expects more than 70% of sales in Europe and over 40% in the U.S. to be EVs or PHEVs.
The company plans to have five battery production facilities by 2030. Stellantis CFO Richard Palmer said the company has a goal to achieve double-digit adjusted profit margins by around 2026.