Official announcements from major automakers or industry reports

Stellantis Secures US$7.54B for EV Battery Plants, Explores Lithium-Sulfur Batteries

Dec 5, 2024, 05:17 PM

Stellantis N.V., the parent company of Jeep and Dodge, has secured a US$7.54-billion loan to fund the construction of two new electric vehicle (EV) battery plants. This financial backing comes as the company also announced an agreement with Zeta Energy to develop lithium-sulfur EV batteries, which are expected to cost less than half of current lithium-ion batteries. The new battery technology has the potential to improve fast-charging speed by up to 50%, enhancing the convenience of EV ownership. These developments are seen as key tailwinds for Stellantis, which has been facing market challenges, according to Bank of America analysts. The company's CFO expressed confidence in its cash generation capabilities and performance outlook for 2024, suggesting that Stellantis is well-positioned to pay dividends.