Stellantis said on Thursday it would spend $229 million on three plants in Indiana to expedite the development of electric vehicles.
The investment, which will retain 662 jobs, will modify three Kokomo plants located in Indiana for producing electrified, eight-speed transmissions, according to Stellantis.
Stellantis, formed earlier this year through the merger of Fiat Chrysler and France’s PSA, made the announcement during an event at the Kokomo Transmission Plant. The event was attended by Indiana Governor Eric Holcomb.
“This investment and this transmission represent an important stepping stone in getting us to 2030 and further expanding our battery electric offerings,” said Brad Clark, the head of powertrain operations at Stellantis.
Indiana Transmission employs 1,473 people, Kokomo Casting employs 1,238, and Kokomo Transmission employs 3,280, according to the automaker.
The automaker this year announced it would invest over 30 billion euros ($35.54 billion) through 2025 on electrifying its vehicle lineup.
