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Carmakers shift up a gear in race to go electric

Business & Finance

LONDON : With electric car sales soaring and regulations increasingly favouring zero-emission vehicles, a flurry of announcements on Monday showed how the global auto industry has kicked into a higher gear as it races to speed past the fossil-fuel car era.

As part of its own 30 billion euro (US$34.7 billion) electrification plan Stellantis - born out of a merger of PSA and Fiat Chrysler earlier this year - said it had entered a preliminary agreement with battery maker LG Energy Solution to produce battery cells and modules for North America, where the world's No. 4 automaker expects more than 40per cent of its U.S. sales will be electric vehicles (EVs) by 2030.

That follows a recent announcement that Daimler AG will take a 33per cent stake in battery cell manufacturer Automotive Cells Company (ACC), founded in 2020 by Stellantis and TotalEnergies in 2020.

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