Stellantis (STLA) will invest $176M in Rennes Plant for electric SUV launch

Chrysler, Dodge parent company, Stellantis (NYSE: STLA) revealed on Thursday that the Franco-Italian-American car manufacturer will invest 160 million euros ($176.13 million) at its Rennes plant to launch a 100% electric compact Sports Utility Vehicle (SUV) in 2025.

The automaker said in a statement that they will use the investment to set up a battery assembly workshop as well as one dedicated to plastic injection moulding, adding the vehicle's launch will happen on the future STLA Medium platform.

The upcoming vehicle, code named CR3, is set to replace the existing C5 Aircross. When questioned about the possibility of the new car being offered in a non-electric variant, CEO Carlos Tavares stated to the press, "Generally speaking, no."

Shares of STLA are up 1.05% in mid-day trading on Thursday.

By Michael Elkins | [email protected]

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