Stellantis said on Thursday that it plans to spend 30 billion euros in the next five years to expand its electric vehicle (EV) business.
The automobile giant said it plans to have 70% and 40% of its sales from Europe and the US, respectively, come from EV models by 2030.
Stellantis said it plans to manufacture EVs that can travel between 500km to 800km per charge.
Small models will offer 500km; medium 700km; large 800km and frame 800km.
The company is also planning expand spending into batteries. Stellantis was in talks with Automotive Cells, its joint venture with Total Energies, as well as Samsung SDI, LG Energy Solution and CATL for battery collaborations, the company said.
It will build five battery factories in total in Europa and the US, the company said. It is planning to secure 130GWh per year in production capacity by 2025 and 260GWh by 2030.
The company has already signed collaboration agreements with brine mining companies in the US and Europe to procure lithium.
Stellantis also said it plans to reduce the cost from battery packs by 40% by 2024 and an additional 20% by 2030. It is reviewing applying solid-state batteries in 2026, the company said.
Stellantis was formed in January from the merger of FCA and PSA. It manufactures 8.7 million automobiles per year, ranking fourth worldwide.