Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
On Tuesday, European car manufacturer Stellantis (STLA) announced that it will invest £100 million in Vauxhall’s Ellesmere Port manufacturing plant to transform the site into its first manufacturing site dedicated to battery electric vehicles.
The plant will manufacture battery-electric light commercial vehicles and passenger car models for both domestic and export markets for Vauxhall, Opel, Peugeot, and Citreon.
Stellantis is aiming to produce only electric cars at the plant by the end of next year.
“This dedication to battery electric vehicles will go towards achieving the UK Government’s decision to stop sales of pure petrol and diesel engined vehicles from 2030,” said Stellantis.
The Ellesmere Port plant will be upgraded with a new body shop, upgraded general assembly, compression of the site area and the creation of an on-site battery pack assembly. In addition, there is an ambition for the plant to be carbon neutral by mid-decade.
Stellantis has also announced its intention to consult on further investment into the site to create a new UK parts distribution centre.
Carlos Tavares, CEO at Stellantis, said: “Performance is always the trigger for sustainability and this £100 million investment demonstrates our commitment to the UK and to Ellesmere Port.”
Stellantis' Milan-listed shares are up 0.98% at €17.094 on Tuesday. Its New York-listed shares have risen over 2% to $20.22 premarket.
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