Stellantis – the product of a $52 billion merger between automakers Fiat Chrysler and Groupe PSA – plans to supply an array of all-electric or hybrid autos by 2025, together with 10 new fashions in 2021, in accordance with CEO Carlos Tavares.

From Dodge to Maserati, each new mannequin the corporate launches from now till 2025 will supply an “electrified” variant. He didn’t specify what number of can be all-electric, plug-in hybrids or conventional hybrids that do not must be plugged in.

The brand new fashions and merger, which was completed Saturday, come as legacy automakers are struggling to persuade Wall Road that they’ll compete in opposition to Tesla and a bunch of latest EV start-ups.

As Stellantis shares jumped greater than 11% throughout their Tuesday debut on the New York Inventory Alternate, start-up EV truck producer Rivian stated it raised $2.65 billion in its newest funding spherical that valued the company at $27.6 billion. That compares to Stellantis – now the world’s fourth-largest automaker – at about $26.5 billion.

Cruise, a majority-owned subsidiary of General Motors, additionally introduced a brand new $2 billion funding spherical Tuesday that included Microsoft and GM. The self-driving firm stated its post-money valuation is $30 billion, up from $19 billion in mid-2019.

Tavares described the tie-up to create Stellantis as a transfer to develop scale and share the billions of {dollars} in capital prices wanted for applied sciences similar to autonomous and electrical autos.

“This price goes to extend considerably,” Tavares stated throughout a media name Tuesday. “We see the advantage of the size right here to dilute these prices.”

By way of its 14 manufacturers, which additionally contains Jeep and Alfa Romeo, Stellantis presently has 29 electrified fashions on sale globally, in accordance with Tavares. Within the U.S., they vary from the all-electric Fiat 500e to a plug-in hybrid Chrysler Pacifica minivan and the Ram 1500 pickup with a light hybrid system. The latter two choices embrace a standard inside combustion engine.

The automaker’s coveted Jeep model additionally has promised to electrify its entire lineup going ahead, together with the recently-launched Wrangler SUV and a redesigned version of the Grand Cherokee SUV later this 12 months.

“We’re in the best dynamics, we’re completely on the best timing for the market expectations,” Tavares stated. “In fact, the true problem isn’t anymore about having electrified fashions, the true change is to make these fashions inexpensive.”

Stellantis’ plan to supply an array of electrified autos differs from different automakers, similar to GM, which are specializing in EVs as an alternative of hybrids. GM plans to spend $27 billion on electrical and autonomous autos by 2025, together with 30 new EVs.

Stellantis’ operations, together with 400,000 staff, are largely primarily based in North America and Europe.