US $ 2.8 billion investment in Stellantis Canada and electric cars | Economy

Car manufacturer Stellandis On Monday it announced it would invest $ 3.6 billion ($ 2.8 billion) to modernize two Canadian assembly plants and expand the research center as part of a long-term strategy for electric drive.

The new investment, along with LG Energy Solution, announced the battery plant in March, bringing Stellandis’ total investment in Ontario to C $ 8.6 billion ($ 6.7 billion).

“These investments confirm our long-term commitment Canada They represent an important step in our journey towards zero-emission vehicles that cater to our customers’ desire for innovation, cleanliness, safety and affordability, ”said Mark Stewart, North American COO, Stellandis.

The Amsterdam-based Stellandis, a merger of last year’s Fiat Chrysler and France’s PSA Peugeot, is the world’s fourth largest carmaker.

Its long-term global strategy is to invest $ 35 billion in electric propulsion systems and software by 2025.

The company plans to sell for 5 million Electric vehicles By 2030, 50% of its passenger car and light truck sales in North America will come from electric units by 2030.

In Europe, it plans to sell only electric passenger vehicles by 2030.

In March, Stellandis announced that it would partner with South Korea’s LG Energy Solution to build a large electric-vehicle battery factory in Windsor, Ontario, employing about 2,500 people.

The company plans to build a new plant adjacent to the Canadian city of Detroit at a cost of $ 5,000 million. It is expected to open in early 2024 and will be able to manufacture battery cells and modules for more than 500,000 electric vehicles a year.