Stellantis (NYSE: STLA) to Invest $406 Million in Michigan to Develop Shared EV and Hybrid Platforms

On Wednesday, Stellantis (NYSE: STLA) said it would invest more than $406 million in three facilities in Michigan to develop a platform that can be shared for both electric and hybrid vehicles.

One of the facilities, the Sterling Heights Assembly Plant, would become it’s first in the U.S. to build fully EVs, the Chrysler parent said.

The company said it will spend more to retool the Warren Truck Assembly Plant for making an electrified Jeep Wagoneer and raise investment at Dundee Engine Plant for producing its recently launched platform for cars, crossovers, and SUV models.

It will spend more than 50 billion euros ($55.23 billion) over the decade in its aim to reach 100% passenger car battery electric vehicles sales (BEV) mix in Europe and 50% passenger car and light-duty truck BEV sales in the U.S. by 2030.

($1 = 0.9053 euros)

(Source: ReutersReuters)

NYSE: STLA Stellantis

Mary Lee

Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.

See Full Bio