Italy to invest $ 1.2 billion in new Stellantis battery plant

Italy to invest $ 1.2 billion in new Stellantis battery plant

June 11, 2021 0 By autotimesnews

As part of its move to electromobility, Stellantis is looking for locations in Europe and North America to build battery factories. Italy has become the main contender for this, as the country itself seeks to electrify transport.

Sources close to the project told Reuters that the Italian government is about to raise € 1 billion (US $ 1.22 million) to build an electric vehicle battery plant with Stellantis.

The government has already committed € 600 million (US $ 731 million) of public funds to the project, in line with a plan it sent to the EU in April. However, sources are now reporting that Italy is planning a public-private partnership in which Stellantis holds the majority.

Five meetings have been reported in recent months between Stellantis senior management and Energy Transition Minister Roberto Chingolani, as well as the ACC joint venture created by PSA, one of the founders of Stellantis.

Stellantis already owns two gigafactories under construction in Germany and France, while other EU members such as Spain are interested in investing in them.

Stellantis was formed this year through the merger of PSA and FCA. Together, they have become the world’s fourth largest automotive company, and the move to electromobility is increasingly seen as a necessity for a sustainable future.

Earlier, we talked about Stellantis‘ plans to create an entire division that will deal with the electrification of cars. The concern wants to become one of the world leaders in this area.