Stellantis NV is to invest C$3.6 billion (US$2.8 billion) to retool two Canadian assembly plants to build electric vehicles (EVs), more than doubling an earlier commitment made during union negotiations.
Stellantis, formed from the merger of Fiat Chrysler Automobiles NV and PSA Group last year, is to add a new vehicle platform that can be used to make electric vehicles at its plants in Windsor and Brampton, Ontario, the company said in a statement on Monday.
The investments will restore employment at the two plants, which have suffered reductions in recent years.
“These investments reaffirm our long-term commitment to Canada and represent an important step as we move toward zero-emission vehicles,” Stellantis North America chief operating officer Mark Stewart said in the statement.
Canadian Prime Minister Justin Trudeau, Ontario Premier Doug Ford and other Canadian officials attended an event in Windsor on Monday announcing the investment. Ford is expected to officially begin his campaign for re-election this week, with Canada’s most populous province going to the polls next month.
The federal government and the province of Ontario are to spend up to about C$1 billion to support the project.
The sprawling manufacturer of nameplates like Jeep, Ram and Fiat is investing US$35 billion globally through 2025 to beef up its electrification and software capabilities.
In March, Stellantis and LG Energy Solution said they would pour more than US$4.1 billion into a joint venture to build a new EV battery plant in Windsor. The 45 gigawatt-hour factory, which is expected to begin operations in 2025, are expected to create 2,500 jobs, and supply Stellantis’s assembly facility in Windsor and others across North America.
Windsor, which makes the Chrysler Pacifica minivan, is running on two shifts after cutting one-third in 2020. Its second shift is scheduled to be dropped at the end of this year.
The Brampton plant, which makes the Dodge Charger and Challenger muscle cars, would build at least one new all-electric model as part of the investment, the company said.
Both plants are expected to return to three shifts at a later date, the company said.
Meanwhile, Stellantis is to acquire the Share Now vehicle-sharing joint venture formed by BMW AG and Mercedes-Benz AG, a move aimed at tapping new revenue streams.
The company yesterday said its Free2Move mobility service brand would acquire Share Now, without naming a price.
Share Now, the European market leader, allows customers to use smartphones for short-term rentals of vehicles, including Minis or Mercedes-Benz A-Class vehicles in cities.
Free2Move offers app-based parking, leasing and rental services to its approximately 2 million customers.
Share Now provides so-called free-floating vehicle sharing services in 16 European cities and has about 3.4 million customers.
Over the next decade, Stellantis intends to expand Free2move’s presence worldwide, growing it to 15 million active users and achieving net revenues of 2.8 billion euros (US$2.94 billion).
GlaxoSmithKline (GSK) in July made its consumer health products division a separate entity as it transforms into a world-leading biopharmaceutical company. By uniting science, technology and talent, the company is aiming to prevent and treat diseases with innovative vaccines, specialty pharmaceuticals and general medicines. GSK’s headquarters annually invests NT$192 billion (US$6.07 billion) in research and development, focusing on immune science and advanced technologies in human genetics. GSK’s drug and vaccine development focuses on infectious diseases, HIV, oncology and immunology. Investing in clinical trial research each year, GSK also brings drug development to Taiwan. It cooperates with 17 medical institutes and research
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