Multinational vehicle manufacturer Stellantis has revealed plans to release 29 electric vehicle models by the end of the decade. The company behind some of the world’s largest automakers will go all in on electric vehicle development over the next 5 years to launch over two dozen EV models as part of a strategic plan designed to give Stellantis an edge in the growing electric vehicle industry.
Stellantis will invest $70 billion into its half-decade-long EV development plan, a move that could allow the multinational to compete with dominant electric vehicle firms like BYD and Tesla on the global scale.
The move comes at an interesting time as the vast majority of established automakers have spent the past couple of years revising their electrification plans and lowering their targets. Many car companies had ambitious electrification strategies and invested billions of dollars into EV development but dwindling market demand coupled with high EV prices forced many of them to scale down.
Despite this, the global electric vehicle segment is still growing, driven by sales from a few notable automakers in China, the United States, and Europe. Stellantis’ recently-unveiled strategy could allow its numerous subsidiaries, including Peugeot, Ram, Maserati, Jeep, Fiat, Chrysler, and Dodge to become competitive on the global stage.
Cumulatively, the output from all these automakers could even allow Stellantis to pressure best-selling electric vehicle companies like China’s BYD and America’s Tesla.
With an overhaul to its product plan and brand portfolio, Stellantis is looking to release 60 new cars as well as 50 ‘refreshes’ over the next 5 years. Christened ‘FaSTLAne 2030’, Stellantis’ new product plan will feature 29 battery electric vehicles (BEVs), 24 hybrids, 39 internal combustion engine (ICE) cars with mild hybrid features, and 15 plug-in hybrid electric vehicles (PHEVs).
Instead of hedging its bets on just pure electric cars, Stellantis is spreading its risk to encompass gas-powered cars as well as various types of EVs. The Netherlands-based automaker will focus 70% of its product and brand investments at Fiat, Ram, Jeep, and Peugeot, which represent its core brands.
Pro One, Stellantis’s commercial vehicle wing, will also receive substantial attention over the next half decade. According to Stellantis CEO Antonio Filosa, FaSTLAne 2030 is the culmination of the company’s efforts to design a profitable long-term strategy that focuses on serving customer needs.
As the transition to sustainable mobility speeds up across various markets, a strategy that serves customers with varying vehicle needs will help Stellantis weather the change and, hopefully, come out as one of the most dominant players in the global EV industry.
It remains to be seen what other players like Massimo Group (NASDAQ: MAMO) have in store over the coming half decade in order to grow and consolidate their position within the growing transport electrification industry.
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