The maker of Jeep SUVs, Ram pickup trucks and other vehicles will invest a total of $155 million in three plants in Kokomo, Indiana, to produce electric drive modules for battery electric vehicles in North America.
CEO Carlos Tavares announced the investment on Tuesday morning during CNBC's "Squawk Box." The EDMs include the electric motor, power electronics and transmission. Workers in Kokomo will combine them into a single package that Stellantis says improves performance, vehicle cost and range up to 500 miles. These EDMs will support the STLA (pronounced "Stella") Large and STLA Frame vehicle platforms that will underpin electric Jeep SUVs, Dodge muscle cars and the Ram 1500 REV truck.
"By combining the benefits of the EDM with our new BEV-centric platforms and innovative battery technologies," Tavares said in a statement, "we will offer our customers a variety of electric vehicles with unparalleled performance and range at more affordable prices. And with our in-house manufacturing capabilities and expertise, we will do it with greater flexibility and efficiency."
