Stellantis to invest over $406 million in Michigan plants in EV, hybrid push

(Reuters) – Stellantis (NYSE:) said on Wednesday it would invest more than $406 million in three facilities in Michigan to develop a platform that can be shared for both electric and hybrid vehicles.

One of the facilities, the Sterling Heights Assembly Plant, would become its first in the U.S. to build fully EVs, the Chrysler-parent said.

The company said it will spend more to retool Warren Truck Assembly Plant for making an electrified Jeep Wagoneer and raise investment at Dundee Engine Plant for producing its recently launched platform for cars, crossovers and SUV models.

It will spend more than 50 billion euros ($55.23 billion) over the decade in its aim to reach 100% passenger car battery electric vehicles sales (BEV) mix in Europe and 50% passenger car and light-duty truck BEV sales in the U.S. by 2030.

($1 = 0.9053 euros)