Stellantis announced plans to invest a total of $229 million in three of its Kokomo, Indiana, plants for electric transmission development.

The investment will support retooling of the Kokomo Transmission (KTP), Kokomo Casting and Indiana Transmission plants to produce the fourth-generation eight-speed transmission. This new transmission will have the flexibility to be paired with internal combustion engines, as well as mild hybrid and plug-in hybrid propulsion systems, for vehicles from Jeep, Ram, Chrysler and Dodge.

This announcement, which Stellantis said will retain 662 jobs, is part of the company’s recently announced long-term electrification strategy, where it said it will invest $35 billion through 2025 in electrification and software. It will also help the company reach its goal of achieving 40% low-emission vehicle sales in the U.S. by 2030, Stellantis said.

“This investment and this transmission represent an important stepping stone in getting us to 2030 and further expanding our battery electric offerings,” said Brad Clark, Stellantis head of powertrain operations. “This new eight-speed is the ‘multi-tool’ of transmissions. It is a versatile transmission that can be adapted for a variety of applications, allowing us the flexibility to adjust our production as consumer demand for electrified vehicles grows over the next decade. It also offers consumers the opportunity to get familiar with this technology and explore all of the benefits that can come from electrification.”