Stellantis announces $400 mln EV investments in Michigan
MICHIGAN
Multinational auto giant Stellantis has announced plans to invest over $400 million in 3 Michigan plants related to the company's transition to electric vehicle and battery production.
The investments in the northern U.S. state would support Stellantis's "multi-energy strategy" that aims to prepare for "a wide variety of electrification adoption scenarios," the Amsterdam-headquartered company said in a statement.
The move is part of the company's "Dare Forward 2030" plan to invest more than 50 billion euros ($55 million) in electrification, with the aim of making all sales by 2030 to be of fully electric vehicles for private customers in Europe, and 50 percent of sales for electric cars and light-duty trucks in the United States.
In Michigan, the historic heart of U.S. auto-manufacturing, Stellantis said it would invest $235.5 million in its Sterling Heights plant, which is to produce the Ram brand's first all-electric pickup truck. The Ram 1500 REV is due to go on sale by the end of the year.
The company recently modernized the plant to enable it to produce both combustion and electric vehicles on the same assembly line.
Meanwhile, the Warren Truck Plant is to receive around $97.6 million to set up manufacturing of the future electric Jeep Wagoneer, due for launch by the end of 2025.
In August, Stellantis announced it would cease production of the entry-level Ram 1500 Classic pickup, which has been manufactured at the site since 1993.
The move was expected to result in the loss of almost 2,500 jobs beginning in October.
