Chrysler, Dodge parent company, Stellantis (NYSE:STLA) revealed on Thursday that the Franco-Italian-American car manufacturer will invest €160 million ($176.13M) 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.
