A $155 Million Investment Will Be Made By Jeep Maker Stellantis In Its Indiana EV Plant

Stellantis NV plans to invest $155 million in three Indiana plants to produce new electric drive modules by the end of the decade, part of its goal to sell 50% of its U.S. vehicles as electric.

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In a statement released by the company on Tuesday, it was said that the investment would be made at the Indiana Transmission, Kokomo Transmission, and Kokomo Casting Plants, bringing the company's total investment in Indiana to almost $3.3 billion since 2020 after the combination of Fiat Chrysler and Peugeot maker PSA Group.

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Stellantis North America's COO, Mark Stewart, noted that the company has over 7,000 employees in Indiana and that this investment will help it leverage the skills of its local workforce in casting, machining, and assembly, all of which will continue to be necessary as the market transitions to an electrified future.

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As soon as the third quarter of 2024 approaches, Stellantis expects production to start.

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The chief executive of Stellantis, Carlos Tavares, aims for Stellantis to sell 100% electric cars in Europe by 2030, and 50% of Stellantis's electric cars in the United States by 2030. It has been reported that the global sales of electric vehicles reached around 10% market share for the first time last year, mainly due to the fast growth in China and Europe, where electric vehicles are becoming more popular.

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"While we continue the successful transition of our European operations to a decarbonized future, we are also beginning to lay the foundations for a successful transition of our North American operations as well," said Mr. Tavares.

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In the wake of a record revenue and net profit increase for Stellantis in 2022, the company has announced it will distribute $4.47 billion in dividends to shareholders and buy back up to $1.6 billion worth of shares over the coming year.

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