AUBURN HILLS, Mich. - Stellantis (NYSE:STLA), the automotive manufacturer known for brands such as Jeep and Chrysler, announced today that it will begin integrating the proposed SAE J3400 charging connector into select battery-electric vehicles (BEVs) starting with the 2026 model year in North America. This move is part of the company's strategy to enhance customer experience by providing more charging options and to advance its Dare Forward 2030 strategic plan, which includes becoming a carbon net-zero corporation by 2038.
The company will provide adapters for models equipped with the current Combined Charging System (CCS) port to ensure compatibility with the emerging J3400 infrastructure. The SAE J3400 connector is still under development, with final requirements expected to be established later this year.
Stellantis has also been involved in the IONNA joint venture, announced in June 2023, alongside six other global automakers. This initiative aims to install at least 30,000 high-powered charging points across urban and highway locations in North America by 2030. The charging stations will cater to all BEVs, offering both CCS and J3400 connectors natively, and are set to begin operation in 2024.
Ricardo Stamatti, Stellantis SVP of global energy & charging, emphasized the benefits of industry alignment on open standards, stating, "Customers win when the industry aligns on open standards. We are happy to announce our backing and adoption of the SAE J3400 connector, a milestone for all customers on the path to open and seamless charging."
Stellantis (NYSE: STLA) is executing its Dare Forward 2030 plan, which not only focuses on customer-centric solutions but also on the company's commitment to sustainability and reducing its carbon footprint.
This announcement is based on a press release statement from Stellantis.
InvestingPro Insights
Stellantis (NYSE: STLA) is not only making strides in the electric vehicle (EV) charging infrastructure but also showing robust financial health. With a market capitalization of $73.84 billion and an adjusted P/E ratio for the last twelve months as of Q2 2023 standing at a competitive 3.32, the company presents an attractive valuation to investors. Moreover, Stellantis boasts strong revenue growth of 15.26% over the last twelve months, reflecting its capacity to expand and invest in initiatives like the IONNA joint venture and the integration of the SAE J3400 charging connector.
One InvestingPro Tip highlights that Stellantis holds more cash than debt on its balance sheet, which is a solid indicator of financial stability. This is particularly relevant as the company invests in future technologies and infrastructure. Additionally, the company pays a significant dividend to shareholders, with a dividend yield of 5.92% as of the latest data, demonstrating a commitment to returning value to investors.
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