More Automakers Join The Battery Race

Stellantis ($STLA@France), Daimler AG ($DMLRY@Germany), and Ford ($F@US) have joined the battery race. Stellantis plans to spend 30 billion euros on electrification, reaching an agreement with LG Energy Solution. Daimler AG took a 33% stake in Automotive Cells Company, and Ford plans to invest $316 million to go electric in Europe. While some carmakers believe switching to electric will cause job losses, other firms are entering the race to fill the gap. For example, Foxconn—out of Taiwan—plans to shift to EV manufacturing after previously building consumer electronics for Apple ($AAPL@US). Stellantis stock rose three-quarters of a percent, Ford stock rose over 1 and a half percent and Daimler AG stock dropped over 1 and a half percent in early trading.