Leaders of global automotive manufacturer Stellantis plan to invest at least about $330 million (€300 million) in startups via a new venture capital fund.
Stellantis Ventures will put money to work in young companies focused on, among things, propulsion systems, advanced materials and electronics with an eye to benefiting the company’s brands, which include Dodge and Jeep as well as Fiat, Alfa Romeo and Maserati. The fund will contribute to many of the goals Stellantis CEO Carlos Tavares and his team laid out late last year–when Tavares said he wants Stellantis to generate more than $20 billion in sales from software and related services–and at the company’s recent 2030 strategic plan discussion.
“We are moving fast in our transformation to a mobility tech company,” Ned Curic, Stellantis’ chief technology officer said in a statement. “The market is changing, the technology is changing, and the way we relate to our customers is changing.”