July 8, 2021 Vulcan Energy

MILAN/DETROIT, July 8 (Reuters) – Stellantis (STLA.MI), the world’s No. 4 automaker, said on Thursday it plans to invest more than 30 billion euros ($35.54 billion) through 2025 on electrifying its vehicle lineup.

The company, formed in January from the merger of Italian-American automaker Fiat Chrysler and France’s PSA, said its strategy will be supported by five battery plants in Europe and North America as it gears up to compete with electric vehicle (EV) leader Tesla (TSLA.O) and other automakers globally.

“This transformation period is a wonderful opportunity to reset the clock and start a new race,” Stellantis Chief Executive Carlos Tavares said on a webcast during the company’s “EV Day 2021” event. “The group is at full speed on its electrification journey.”