AMSTERDAM, Netherlands - Stellantis, manufacturer of Peugeot, Jeep, Ram, Fiat and Opel, said it is planning to invest more than $35.54 billion through 2025 as part of a major push to electrify all 14 of its vehicle brands.
The company also said it is seeking to electrify its commercial vehicle lineup and launch hydrogen fuel-cell medium vans by the end of 2021.
"This transformation period is a wonderful opportunity to reset the clock and start a new race... The group is at full speed on its electrification journey," said Stellantis chief executive Carlos Tavares during a webcast, as quoted by Reuters.
Stellantis is expecting low-emission vehicles -- battery or hybrid electric -- to account for more than 70 percent of its sales in Europe and more than 40 percent of its sales in the United States by 2030.
It also said it is working to ensure that the cost of owning an EV is the same as that of a gasoline-powered car by 2026.
The automaker said it will rely on five battery plants in Europe and North America, including its engine facility in Termoli, Italy, as it prepares to take on electric vehicle leader Tesla and other global automakers.
The company is also in talks with Samsung SDI, which is expected to build a US battery cell plant, sources told Reuters.
Stellantis said its EVs will be built on four electric platforms and have driving ranges of 500 to 800 km on a single charge, as well as fast charging capabilities.
"Stellantis seems to have put in place quite rapidly a unified platform strategy, same thing for the powertrain modularity, which will allow the company to benefit as fast as possible from scale effects," IHS analyst Romain Gillet said.