Stellantis Plans To Develop Ethanol Hybrid Vehicles In South America: Report

Stellantis NV STLA expects to be equipped with the essential technologies to develop ethanol hybrid vehicles in Brazil.
The car maker's South America head, Antonio Filosa, reportedly said Minas Gerais state in Brazil could be the epicenter of the company's ethanol hybrid cars.
The move is aimed at accelerating the push toward sustainability, Reuters reported.
"We launched the Bio-Electro project last year and now we are going to work internally to have the first technologies developed in-house by the end of this year, and then launch them to the market when it is opportune," the report cited Antonio Filosa.
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Brazil President Luiz Inacio Lula da Silva has also said that the economy would be based on finding clean energy alternatives under his tenure.
Also See: Stellantis Inks Battery Materials Supply Deal With Element 25; Plans To Make Equity Investment
Price Action: STLA shares are trading higher by 0.38% at $15.78 in premarket on the last check Wednesday.
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