Stellantis to invest $111 million in Hungary facility to produce electric drive modules
investing.com(Reuters) — Stellantis (NYSE:STLA) said on Monday it will invest 103 million euros ($111.02 million) at its Szentgotthard facility in Hungary to increase production capacity of electric drive modules that will help the automaker grow its electric-vehicle portfolio.
The investment is Stellantis' third in an EDM manufacturing facility after Tremery-Metz in France and Kokomo, Indiana in the United States.
The company expects the expansion to bring it closer to its electrification goals of 100% sales from battery EVs in Europe by 2030. It is investing $50 billion in electrification efforts over the next decade.
The expansion at the Szentgotthard plant, which currently builds internal combustion engines for Stellantis vehicles, will include machining key components and final assembly and testing of 3-in-1 EDMs.
EDM production at the plant is expected to begin in late 2026.
EDM is an integrated unit of electric motor, gearbox and power electronics, used in both purely electric and hybrid powertrains, that help in providing high torque, while maintaining system efficiency.
($1 = 0.9277 euros)
Read more on investing.com
