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Share Name Share Symbol Market Type
Stellantis NV BIT:STLA Italy Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.226 -1.52% 14.682 14.682 14.686 14.89 14.682 14.86 2,391,520 10:38:25

Stellantis Plans $99 Million in Facility Investments, Production of Four-Cylinder Turbo Engine

01/08/2022 5:01pm

Dow Jones News


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By Kathryn Hardison

 

Stellantis NV plans to invest a total of $99 million across three North American plants to facilitate the production of a four-cylinder turbocharged engine.

The company said Monday that the investments will be made at the Dundee Engine Complex in Michigan, the Kokomo Casting Plant in Indiana and the Etobicoke Casting Plant in Toronto.

Stellantis's new engine is a 1.6-liter, I-4 turbocharged unit with direct fuel injection and flexibility for hybrid-electric-vehicle applications, the company said.

Production is expected to begin in early 2025.

Roughly $83 million, the majority of the investment, will be made at the Michigan plant, which will become the final assembly location for the new engine, the company said. Engine blocks will be cast at the Indiana plant, where Stellantis said it will invest $14 million. The remaining $2 million will be funneled into equipping the Toronto facility for oil pan production.

Shares climb 1.3% to $14.10, down 15% for the year.

 

Write to Kathryn Hardison at kathryn.hardison@wsj.com

 

(END) Dow Jones Newswires

August 01, 2022 11:46 ET (15:46 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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