Multinational vehicle manufacturer Stellantis has announced plans to release 29 electric vehicle models by the end of the decade as part of a strategic plan designed to give the company an edge in the growing electric vehicle industry. The company, which owns brands including Peugeot, Ram, Maserati, Jeep, Fiat, Chrysler, and Dodge, will invest $70 billion into its half-decade-long EV development plan, a move that could allow it to compete with dominant electric vehicle firms like BYD and Tesla on a global scale.
The move comes at a time when many established automakers have revised their electrification plans and lowered their targets due to dwindling market demand and high EV prices. Despite this, the global electric vehicle segment continues to grow, driven by sales from notable automakers in China, the United States, and Europe. Stellantis’s recently unveiled strategy could allow its numerous subsidiaries to become competitive on the global stage, and cumulatively, their output could pressure best-selling EV companies like China’s BYD and America’s Tesla.
Under the plan, christened FaSTLAne 2030, Stellantis will release 60 new cars and 50 refreshes over the next five years. The product plan includes 29 battery electric vehicles (BEVs), 24 hybrids, 39 internal combustion engine (ICE) cars with mild hybrid features, and 15 plug-in hybrid electric vehicles (PHEVs). Instead of focusing solely on pure electric cars, Stellantis is spreading its risk across gas-powered cars and various types of EVs. The company will direct 70% of its product and brand investments toward its core brands: Fiat, Ram, Jeep, and Peugeot.
Stellantis’s commercial vehicle wing, Pro One, will also receive substantial attention over the next half decade. According to Stellantis CEO Antonio Filosa, FaSTLAne 2030 is the culmination of the company’s efforts to design a profitable long-term strategy that focuses on serving customer needs. As the transition to sustainable mobility speeds up across various markets, a strategy that serves customers with varying vehicle needs will help Stellantis weather the change and potentially emerge as a dominant player in the global EV industry.
It remains to be seen what other players like Massimo Group have in store over the coming half decade to grow and consolidate their positions within the growing transport electrification industry.
