| 22 May 2024, Wednesday |

Vauxhall owner Stellantis to invest $35.5 billion in electric vehicles

Stellantis owner of Vauxhall will invest more than $35.5 billion in electric vehicles between now and the end of 2021.

It aims to make the total cost of owning an electric vehicle equal to that of a petrol-driven model by 2026.

Stellantis said it would construct at least five battery plants in Europe and the US to support its strategy.

It has already revealed two plants in France and Germany, and the third will be in Italy in Termoli.

The world’s fourth-biggest car maker, which was formed in January from the merger of Italian-American firm Fiat Chrysler and France’s PSA, is gearing up to compete with electric vehicle leader Tesla and other big car manufacturers.

Stellantis said that all 14 of its vehicle brands, which include Peugeot, Jeep, Ram, Fiat and Opel, will start selling fully electrified vehicles. It wanted to focus on keeping the vehicles affordable and sustainable. However, a spokesman declined to indicate what sort of prices Stellantis intended to charge for passenger cars.

It will also electrify its commercial vehicle line-up, and roll out hydrogen fuel-cell vans by the end of 2021.

“This transformation period is a wonderful opportunity to reset the clock and start a new race,” Stellantis chief executive Carlos Tavares said. “The group is at full speed on its electrification journey.”

The company said its electric cars would be built on four platforms, have driving ranges of 500 to 800 km (300 to 500 miles) on a single charge, and fast-charging capability of 32 km (20 miles) per minute.