Stellantis – the product of a $ 52 billion merger between automatics Fiat Chrysler and Groupe PSA – plans to offer more electric or hybrid vehicles by 2025, including 10 new models by 2021, according to of CEO Carlos Tavares.
New Models
From Dodge to Maserati, every new model introduced by the company from now until 2025 will offer a different “electrified” alternative. He did not specify how many would be electronic-powered, plug-in hybrids or traditional hybrids that don’t need to be plugged in.
New models and the merger, completed on Saturday, comes as legacy automakers are struggling to convince Wall Street that they can compete against Tesla and a host of new EV start-ups.
While Stellantis shares jumped more than 11% when it debuted on Tuesday at the New York Stock Exchange, first-time truck company EV Rivian said it had secured $ 2.65 billion in its most recent investment, valued at $ 27.6 billion. Stellantis – now the fourth largest automaker in the world – is estimated at $ 26.5 billion.
Cruise, a subsidiary of General Motors, also announced a new $ 2 billion investment on Tuesday involving Microsoft and GM. The self-driving company said its post-money valuation is $30 billion, up from $19 billion in mid-2019.
Optimisation Of Costs
Tavares has described their commitment to creating Stellantis as a step towards growth and sharing billions of dollars in huge costs required for technologies such as self-driving and electric vehicles.
“These costs will go up significantly,” Tavares told reporters on Tuesday. “We see the value of the scale here to reduce those costs.”
With its 14 products, including the Jeep and Alfa Romeo, Stellantis currently has 29 electrically installed models worldwide, according to Tavares. In the U.S. They range from an all-electric Fiat 500e to a plug-in hybrid Chrysler Pacifica minivan and a Ram 1500 van with a minimal hybrid system. The last two options include a traditional internal combustion engine.
‘Right Timing’
The Jeep product sought after by automakers has also promised to add go all-electric in its range going forward, including the recently launched Wrangler SUV and the redesigned version of the Grand Cherokee SUV by the end of the year.
“We are in the right dynamics, we are perfectly on the right timing for the market expectations,” Tavares said. “Of course, the real challenge is not anymore about having electrified models, the real challenge is to make those models affordable.”
Stellantis’ plan to offer an array of electrified vehicles differs from other automakers, such as GM, that are focusing on EVs instead of hybrids. GM plans to spend $27 billion on electric and autonomous vehicles through 2025, including 30 new EVs.
Stellantis’ operations, including 400,000 workers, are largely based in North America and Europe.
Synopsis
Stellantis – the product of a $ 52 billion joint venture between automakers Fiat Chrysler and Groupe PSA – plans to offer an array of all-electric or hybrid vehicles through 2025.
These plans include 10 new hybrid, plug-in hybrid or all-electric models this year
These plans come as legacy automakers are struggling to convince Wall Street that they can compete against Tesla and a host of new EV start-ups.
