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Stellantis to invest $229 million to upgrade Indiana plants for EVs By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: Stellantis signs can be seen in front of company headquarters at Auburn Hills, Michigan (USA), June 10, 2021. REUTERS/Rebecca Cook/File Photo

(Reuters) – Stellantis is the fourth-largest carmaker in the world and announced on Thursday that it will invest $229 millions in three Indiana plants to accelerate the development of electric cars.

Stellantis announced that 662 people will be retained by the investment. It will also retool three Kokomo factories in Indiana for electrified, eight speed transmissions.

The global emissions clampdown has forced automobile manufacturers to speed up the development of low emission technology even for low-margin models.

Stellantis was created earlier this year through the merger between Fiat Chrysler, France’s PSA and Fiat Chrysler. It was announced at an event at Kokomo Transmission Plant where Governor Eric Holcomb attended.

In a statement earlier in the year, the automaker stated that it planned to invest 30 billion euros ($35.54 trillion) over 2025 in electrifying its car lineup.

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