European carmaker Stellantis plans to invest €30bn to enhance its electric vehicle (EV) offerings by 2025. Meanwhile, Taiwan’s electronic components specialist Foxconn is likely to set up an EV manufacturing unit in the US.
Stellantis has targeted a 70pc and 40pc share of its total sales in Europe and the USA, respectively, to be in low-emission vehicles by 2030.
The company will also outline a global EV sourcing strategy to procure 260GWh worth of capacity through five gigafactories across the two continents in a phased manner. Stellantis will even aim at introducing solid-state battery manufacturing technology as part of its broader electrification plans the carmaker revealed in a statement on Jul 8.
Auto manufacturers around the world have disclosed plans to ramp up or initiate EV production within the next decade. Downstream businesses aren’t far behind with companies like Foxconn hinting at its foray into the electrification market to the media on Thursday. The company is in talks with officials in Wisconsin about the possibility of building an EV facility there. Foxconn’s strategy is probably linked to its supposed deal with EV manufacturer Fisker in North America.
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