Parent company Peugeot and Fiat is investing $30 billion in electric driving

Parent company Peugeot and Fiat is investing $30 billion in electric driving

Stellantis announced this Thursday. The car group wants about 70 percent of sales in Europe to be an electric model by 2030. In the US, four out of ten cars should be electric.

Five giga factories

Part of the investments is the development of new battery technologies, without nickel and cobalt. There is a lot to do, especially with regard to this last mineral. Cobalt is largely mined in the Democratic Republic of the Congo, where human rights violations are violated today.

A total of five Giga battery plants will be built this decade, including in Italy, France and Germany. Stellaantis batteries should soon be good for a range of 480 to more than 800 km.

win more

The company toughened its first-half earnings forecast earlier on Thursday, despite a global chip shortage driving prices higher. Furthermore, Stellantis expects to reach a double-digit profit margin by 2026.

Stellantis isn’t the only auto company investing heavily in electrifying its fleet. Volkswagen (33 billion), Ford (22 billion) and General Motors (20 billion) announced similar plans previously.

Stilants?

Stellantis was created at the beginning of this year after the merger of PSA and Fiat Chrysler. The group consists of fourteen brands: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Jeep, Lancia, Maserati, Peugeot, Opel, RAM and Vauxhall.

READ  What is the opinion of Ireland, the Benelux and Switzerland?

Leave a Reply

Your email address will not be published. Required fields are marked *