Stellantis Will Invest $229 Million To Produce a New Transmission
Stellantis will spend $229 million to enable development and production of a new 8-speed transmission that will eventually serve electrified models produced by Jeep, Ram, Dodge and Chrysler. The money will go to updating and refitting three of its Indiana plants to produce the new transmission.
The announcement is one step in the company's planned $35 billion investment worldwide in electrification by 2025. Stellantis has said it aims to have more than 70 percent of its sales in Europe and 40 percent in the U.S. attributable to low-emission vehicles by 2030.
The just-announced investment will allow the company to keep 662 jobs in Indiana.
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The refits at the Kokomo Transmission, Kokomo Casting and Indiana Transmission plants will enable the company to manufacture a new 8-speed automatic transmission. The new unit will offer flexibility, as it can be combined with combustion engines, as well as mild hybrid and plug-in hybrid propulsion systems, the company said. It will also promise better fuel economy and accommodate the electric range capabilities of the models it will serve, as well as help vehicles meet future emissions regulations.Read more