Automaker Stellantis announced Monday that it will spend 3.6 billion Canadian dollars ($2.8 billion) to modernize two Canadian assembly plants and expand a research center as part of its long-term electric propulsion strategy.
The new investment, coupled with the March announcement of a joint battery plant with LG Energy Solution, brings Stellantis’ total Ontario investment to C$8.6 billion (US$6.7 billion).
“These investments reaffirm our long-term commitment to Canada and represent an important step in our journey towards zero-emission vehicles that meet our customers’ desire for innovative, clean, safe and affordable mobility,” said Canada’s COO. Stellantis North America, Mark Stewart.
Amsterdam based Stellantis, created last year from the merger of Fiat Chrysler and French PSA Peugeot, is the fourth largest car manufacturer in the world.
Its long-term global strategy is to invest $35 billion ($45 billion Canadian) in electric drive systems and software by 2025.
The company plans to sell 5 million electric vehicles by 2030, with 50% of North American passenger car and light truck sales coming from electric units by 2030.
In Europe, it plans to sell only electric passenger cars by 2030.
In March, Stellantis announced that its joint venture with LG Energy Solution in South Korea would build a major electric vehicle battery plant in Windsor, Ontario, with approximately 2,500 employees.
This company plans to spend 5,000 million Canadian dollars to build its new factory in the Canadian city, adjacent to Detroit. It is expected to open in early 2024 and will be able to produce battery cells and modules for more than 500,000 electric vehicles per year.
