Stellantis CEO Claims Electrification Is An Expensive Technology Chosen By The Elites

The European Commission's strategy to phase out combustion engines in favor of EVs is a political choice that carries environmental and social risks, Stellantis CEO Carlos Tavares said in an interview with European newspapers.

Since merging Fiat Chrysler and Peugeot-maker PSA Group, Tavares has mapped out a 30 billion euro ($34 billion) electrification plan that helped Stellantis shares surge more than 60 percent in their first year.

"What is clear is that electrification is a technology chosen by politicians, not by industry," he said in a joint interview with France's Les Echos, Handelsblatt, Corriere della Sera and El Mundo.

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