The company plans to start work in 2024 to prepare the plant for limited production of medium electric vans, alongside continued production of ICE vans.

Luton manufacturing facility will be Stellantis’ second plant in the U.K. to manufacture electric vehicles, following the transformation of Ellesmere Port into the U.K.’s first EV-only volume manufacturing plant. Notably, Stellantis is the only OEM producing vans in volume in the U.K.

Related: Stellantis Shares Take Off After Announcing New EV Launches, Share Buyback Worth Billions & 16% Dividend Raise

Maria Grazia Davino, Group Managing Director, Stellantis UK, stated, “Whilst this decision demonstrates Stellantis’ confidence in the plant, this first step in its re-development towards a fully electric future requires the UK Government to stimulate more demand in the electric vehicle market and support manufacturers that invest in the UK for a sustainable transition.”

Also Read: Stellantis Delivered Record Financials Despite Getting Bitten By The UAW Strike

Price Action: STLA shares are up 3.00% at $26.38 on the last check Thursday.

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