Upgrade to SI Premium - Free Trial

Stellantis (STLA) to expand battery capacity to meet EV demand

September 8, 2023 2:39 PM

The head of global propulsion systems at Stellantis (NYSE: STLA) announced Friday the company's intention to increase its battery production capacity to 400 GWh in order to meet the rising demand for electric vehicles.

"We have already announced about 250 gigawatt hours of capacity around the world. We believe we need to go to 400 gigawatt hours of capacity around the world," said Senior VP and head of Global Propulsion Systems, Micky Bly.

"We have committed to delivering six gigafactories around the world, and more to come," he said.

However, Bly did not specify whether the group had plans to construct additional gigafactories in addition to those previously announced to further expand production capacity.

The multi-national automaker recently inaugurated its first European gigafactory in France, with plans for additional facilities in Germany and Italy, all through the ACC joint venture in collaboration with Mercedes and TotalEnergies.

Additionally, three more facilities are in the pipeline for the United States and Canada.

In line with its efforts to enhance capacity, Stellantis also announced on Friday a 40 million euro ($43 million) investment in its Battery Technology Center located in Turin's Mirafiori complex. This center will primarily focus on conducting in-house testing and development for EV battery packs intended for future vehicles within the Stellantis group.

Shares of STLA are up 0.69% in afternoon trading on Friday.

By Michael Elkins | [email protected]

Categories

Corporate News Hot List Management Comments

Next Articles