By Mauro Orru
Stellantis NV will make investments $155 million in three Indiana crops to supply new electrical drive modules, a part of the auto maker’s plans to have half of its U.S. gross sales be totally electrical automobiles by the tip of the last decade.
The corporate, shaped by the mixture of Fiat Chrysler and Peugeot maker PSA Group, stated Tuesday that the funding could be made on the Indiana Transmission, Kokomo Transmission and Kokomo Casting Vegetation, bringing its whole investments in Indiana to just about $3.3 billion since 2020.
“With greater than 7,000 workers in Indiana, these investments will leverage the core manufacturing competencies of the native workforce within the areas of casting, machining and meeting, all of which might be wanted even because the market transitions to an electrified future,” stated Mark Stewart, Stellantis North America COO.
Stellantis expects manufacturing to start out within the third quarter of 2024.
Chief Government Carlos Tavares is aiming by 2030 to have 100% of Stellantis’s European gross sales and 50% of its U.S. gross sales be totally electrical automobiles. International electric-vehicle gross sales achieved round 10% market share industrywide for the primary time final yr, pushed primarily by sturdy development in China and Europe.
“Whereas we proceed our profitable transition to a decarbonized future in our European operations, we are actually setting those self same foundational parts for the North American market,” Mr. Tavares stated.
The announcement comes every week after Stellantis stated it was planning to distribute $4.47 billion in dividends to shareholders and purchase again as much as $1.6 billion value of shares after income and web revenue surged in 2022.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
