Stellantis (NYSE:STLA) is discontinuing development of a full-size battery-electric vehicle and renaming its Ramcharger vehicle to the now-shelved Ram 1500 REV as North American demand for full-size BEV trucks slows.
The re-named Ramcharger is a hybridized light-duty pickup which uses a gasoline generator to extend the range of its onboard battery. This extends the full driving distance of the vehicle to 690 miles, which includes 141 miles of all-electric driving. Stellantis (NYSE:STLA) plans to sell the vehicle next year.
The earlier version of the Ram 1500 REV was initially expected to go on sale in 2024 but faced multiple delays amid shifting consumer demand and high battery costs. The company planned to make the truck with two different sized batteries, eventually cancelling the 500-mile version early this year.
The decision to cancel development of the Ram 1500 REV is the latest in a series of adjustments by Stellantis’ new CEO Antonio Filosa. Since taking over from Carlos Tavares, Filosa is focused on reviving Stellantis’ North American market by bringing back the Jeep Cherokee and altering the corporate structure to allow divisions in Europe, South America, and North America to operate more autonomously from the parent company.
Since the beginning of the year, Stellantis (NYSE:STLA) shares have dropped 28% versus rivals Ford (F) and General Motors (GM) which are up 19% and 11% this year, respectively.