Stellantis (NYSE: STLA), parent company to Chrysler, revealed Monday it is set to invest USD2.8 Billion to restore two Ontario factories and use them to manufacture electric and hybrid vehicles. The action comes amid the company’s ultimate plan to invest USD35 Billion in electrification and similar technology initiatives worldwide.
“These investments reaffirm our long-term commitment to Canada and represent an important step as we move toward zero-emission vehicles that deliver on our customers’ desire for innovative, clean, safe and affordable mobility,” Mark Stewart, Stellantis’ chief operating officer, said in a statement, “We’re grateful to both the federal and provincial governments for their shared vision to create a sustainable future. And, to Unifor and our workforce for their support in helping ensure the viability of our Canadian operations for the long-term.”
The repair will permit the automaker to build both hybrid and electric vehicles of various of its new models while using new “multi-energy” architectures. Moreover, the company will also be creating an additional 650 new jobs after integrating a battery lab to its current research and development plant in Windsor.
“Today’s deal on made-in-Canada electric vehicles is yet another investment in our workers and in our future,” said Prime Minister Trudeau. “We’re building a world-class Canadian auto industry, an innovative economy and a clean, strong future for everyone. This is what a healthy environment and a healthy economy looks like.”