Stellantis to spend $2.8 billion on its Canada fcatories to push EV goals
Stellantis NV has planned to invest $2.8 billion to modernise its two Canadian assembly factories to build electric vehicles. Stellantis is aiming to add a new car platform that can be used to make electric vehicles at its plants in Windsor and Brampton, Ontario. According to a report by Bloomberg, this investment by Stellantis will restore employment at the two factories, which have been adversely impacted in recent years.
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The chief operating officer of Stellantis North America Mark Stewart said this investment will push the company to attain its electrification goals. “These investments reaffirm our long-term commitment to Canada and represent an important step as we move toward zero-emission vehicles," added Stewart.
In March this year, Stellantis and LG Energy Solution formed a partnership in which both the companies planned to put in more than $4.1 billion to build a new EV battery plant in Windsor. The 45 gigawatt-hour factory, which is expected to begin operations in 2025, will create 2,500 jobs and supply Stellantis’s assembly facility in Windsor and others across North America, mentioned the report.
Mercedes-Benz and Stellantis also have plans to build a battery manufacturing site in Italy in an effort to boost the region's production capacity. Both the companies have planned this to reduce dependency on Asian players. Stellantis also has aimed to double its revenue to 300 billion euros by 2030. It has plans to bring in 75 fully-electric vehicles and sell five million EVs a year by 2030. Stellantis is also expecting EVs to make up 100 per cent of its sales in Europe and around 50 per cent in the United States by 2030.