Stellantis N.V. (NYSE:STLA) shares are trading higher in Tuesday’s after-hours session after the company announced plans to invest $13 billion to grow its business in the U.S.
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What To Know: Stellantis, the parent company of Dodge, Chrysler and Jeep, said it will invest $13 billion in the U.S. over the next four years to increase its domestic manufacturing footprint.
The investment expands the company’s U.S. production by 50% and will support the introduction of five new vehicles. Stellantis said it will produce its new four-cylinder engine in the U.S. and add more than 5,000 jobs across Illinois, Ohio, Michigan and Indiana.
The new product launches will be in addition to a regular cadence of 19 refreshed products across all U.S. assembly plants and updated powertrains planned through 2029.
“This investment in the U.S. — the single largest in the company’s history — will drive our growth, strengthen our manufacturing footprint and bring more American jobs to the states we call home,” said Antonio Filosa, Stellantis CEO and North America COO.
“As we begin our next 100 years, we are putting the customer at the center of our strategy, expanding our vehicle offerings and giving them the freedom to choose the products they want and love.”
STLA Price Action: Stellantis shares were up 6.41% in after-hours, trading at $10.55 at the time of publication on Tuesday, according to Benzinga Pro.
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