NEW YORK (AP) — Automaker Stellantis says it will invest $3.6 billion Canadian dollars, about $2.8 billion, to upgrade two Canadian assembly plants and expand a research center as it accelerates its long-term electrification strategy.
Combined with a March announcement of a joint venture battery plant with LG Energy Solution, the investment gives the company an overall investment in Ontario of CN$8.6 billion.
Amsterdam-based Stellantis was formed last year with the merger of Fiat Chrysler and France’s PSA Peugeot.
The company plans to sell 5 million electric vehicles by 2030, with 50% of its North American passenger-car and light-truck sales going fully electric by 2030.
