Stellantis, the world’s fourth-largest automaker, announced Thursday that it plans to invest more than 30 billion euros in electrifying its range of vehicles by 2025.
The automaker, which emerged from the January merger of Italian-American automaker Fiat Chrysler and France’s PSA, is backed by five battery factories in Europe and North America as it prepares to compete with electric car market leader Tesla and other automakers worldwide.
The automaker aims to have low-emission vehicles – either battery-electric or hybrid-electric – account for more than 70% of sales in Europe and more than 40% in the United States by 2030, with the total cost of owning an electric vehicle to match that of a gasoline-powered model by 2026.
It announced that all 14 of its vehicle brands – including Peugeot, Jeep, Ram, Fiat and Opel – will offer fully electrified cars, electrify its commercial vehicle range and deliver medium-sized hydrogen fuel cell vans to market by the end of 2021.
The automaker is also in the final stages of securing a partner in North America.
Stellantis revealed that its electric vehicles will be built on four electric platforms and will have ranges of 500 to 800 km on a single charge and a fast charging capacity of 32 km per minute.
Meanwhile, French rival Renault recently announced that by 2030, 90% of its major brand-name models will be all-electric.
Volkswagen, the world’s second-largest automaker after Toyota, expects that by 2030, 55% of its total sales in Europe will be all-electric, and more than 70% of sales of its Volkswagen brand.
General Motors Co announced last month that it is spending $35 billion on electric and self-driving vehicles by 2025 and aims to sell all new light cars and trucks with zero exhaust emissions by 2035.
For more information, read the original story in Reuters.