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Stellantis [STLA:US], the owner of Fiat, Peugeot, and Jeep brands, has announced a USD6.07bn investment program to upgrade its production in Brazil, as reported by Reuters on March 7. From 2025 to 2030, the company plans to roll out more than 40 new cars and debut hybrid electric vehicles, also known as flex-hybrid vehicles, in the Brazilian market. The announcement follows a meeting between company executives and Brazilian President Luiz Inacio Lula da Silva, who aims for a green revival of Brazil’s industry. The company’s upgrading plan involves integrating electrification technology into its flex-fuel vehicles, which run both on petrol and ethanol and are common in Brazil. The automaker will launch its first flex-hybrid car later this year.
Through the investments, Stellantis will benefit from Brazil’s National Green Mobility and Innovation Program (Mover), which offers tax incentives to makers of lower-emission cars to reduce carbon emissions from the country’s automotive fleet. In addition, the program also sets higher sustainability standards, such as minimum recycling requirements, for the automaking industry. Stellantis has set out a goal of achieving 20% of its Brazilian sales through fully electric models by 2030,with the remaining contributed by traditional internal combustion engine cars and hybrids. Attracted by Brazil’s promising green vehicle landscape, Volkswagen[VOW:GR], Toyota [TM:US], Hyundai [005380:KS], and General Motors [GM:US] have also confirmed investments totaling USD13.8bn in Brazil in recent weeks.
Sources:
https://www.ft.com/content/6c1c5b15-51b4-421f-b1d2-1ccced3df72a
