Global auto giant Stellantis (NYSE: STLA) announced Monday it will invest a total of $99 million in three of its North American plants, including the Kokomo Casting Plant. The company says the investment will fuel production of a new, four-cylinder turbocharged engine that will power two future hybrid electric vehicles.
Stellantis says the Kokomo Casting Plant will receive more than $14 million to convert existing die cast machines and cells for the new engine.
The majority of the investment, $83 million, will go to the Dundee Engine Complex in Michigan, which will be retooled to become the final assembly location for the engine. Additionally, the Etobicoke Casting Plant in Toronto will receive a $2 million investment to produce the oil pan for the engine.
A spokesperson for Stellantis tells Inside INdiana Business there will not be any new jobs created as a result of the investments.
The company says the investments support its Dare Forward 2030 strategic plan focusing on “delivering innovative, clean, safe and affordable mobility solutions.”
The announcement comes just over two months after Stellantis unveiled its $2.5 billion plan to build an electric vehicle battery facility in Kokomo and create 1,400 jobs as part of a joint venture with Samsung SDI.
The plant will manufacture batteries for a variety of EVs produced at Stellantis plants throughout North America.