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Stellantis to invest 160 million euros to launch all-electric SUV in 2025

June 01, 2023 at 11:01 am EDT

(Reuters) - Stellantis 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 Franco-Italian-American car manufacturer said on Thursday.

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

Stellantis, which like many carmakers is shifting towards producing more environmentally-friendly vehicles, plans to sell only electric cars in Europe by 2030.

The car, code-named CR3, will succeed the current C5 Aircross with petrol, diesel and hybrid engines.

Asked whether the new vehicle would be available as anything other than a 100% electric model, CEO Carlos Tavares told the press: "In principle no".

(This story has been refiled to correct the title of CEO Carlos Tavares in the last paragraph)

($1 = 0.9084 euros)

(Reporting by Gilles Guillaume; Writing by Olivier Sorgho; Edited by Kirsten Donovan)

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	STELLANTIS N.V.	23.28 EUR	0.00%	-4.10%	96.19B
	STELLANTIS N.V.	23.28 EUR	-0.11%	-4.02%	96.19B

Carlos Tavares

Carlos Tavares is a Portuguese businessperson who has been at the head of 7 different companies and holds the position of Chief Executive Officer & Executive Director at Stellantis NV and Chairman at Peugeot Citroën Automobiles SA (a subsidiary of Stellantis NV). Mr. Tavares is also on the board of Airbus SE and Airbus Holding SA and Chairman at Fondation PSA Peugeot Citroën. Mr. Tavares previously held the position of President of European Automobile Manufacturers Association, Chief Operating Officer of Renault SA, Director at Nissan Motor Co., Ltd. and Chairman & President for Nissan North America, Inc. (a subsidiary of Nissan Motor Co., Ltd.), General Manager-Micro Enterprise at Bed & Breakfast Association of Kentucky, Member-Managing Board at Renault-Nissan-Mitsubishi Alliance, Chairman-Supervisory Board at Opel Automobile GmbH and Chairman-Management Board at Peugeot SA. Mr. Tavares received an undergraduate degree from École Centrale Paris.

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Linked companies
Stellantis Auto SAS Stellantis Auto SAS Motor VehiclesConsumer Durables Peugeot Citroën Automobiles SA engages in industry and motor trade services. It specializes in the design, development, maintenance, and repair of Peugeot and Citroën motor vehicles. The company was founded on February 11, 1999 and is headquartered in Vélizy-Villacoublay, France.	Chairman
Stellantis España SL Stellantis España SL Motor VehiclesConsumer Durables Part of Stellantis NV, Stellantis España SL is a car manufacturer based in Figueruelas, Spain. Stellantis España SL offers a range of car models at competitive prices and deals, as showcased on their official website. The CEO of the Spanish company is Carlos Tavares.	Chief Executive Officer