A Jeep Moab EV on display at the Detroit Auto Show in January. Photo: Jim West/UCG/Universal Images Group via Getty ImagesStellantis plans to spend 60 billion euros ($70 billion) over the next five years, much of it in North America, to reinvigorate its vehicle brands and strengthen its financial performance.Why it matters: It's a major strategy reboot for the sprawling automotive giant and its 14 brands, which has struggled to find its way in the hyper-competitive industry. The big picture: The plan from new CEO Antonio Filosa targets faster product development, improved quality, $7 billion in annual cost reductions by 2028 and positive cash flow by 2027.It includes a plan to cut factory capacity in Europe, while "aiming to preserve manufacturing jobs."In the U.S. Stellantis plans to increase production, improving its factory capacity utilization to 80% by 2030.Zoom in: Filosa's strategy includes 60 new vehicles, mostly based on three global platforms, and 50 significantly refreshed models.It includes 29 electric vehicles, 24 hybrids, 15 plug-in or range-extended hybrids and 39 traditional gas vehicles. Stellantis also plans to lean heavily on partnerships to save technology investment and find growth.It's expanding its commercial collaboration with China's Leapmotor (51% owned by Stellantis), for example, by sharing factories in Europe and combining supply chains and purchasing. It's partnering with Dongfeng to produce Jeep and Peugeot models for China and creating a joint venture in Europe. In North America, it just announced a partnership with Jaguar Land Rover.Four global brands — Jeep, Ram, Peugeot and Fiat — will receive 70% of the product investments, along with its new Pro One commercial vehicles business unit. Chrysler, Dodge, Citroen, Opel and Alfa Romeo will remain as regional brands, with DS and Lancia, will survive as specialty brands. Maserati, which is adding two electric luxury models, will remain as well, with more details to come, the company said. "Every brand in Stellantis will play a clear role in delivering our FaSTLAne 2030 commitments," said Filosa, referring to his five-year strategy.What's next: Financial targets for the plan will be disclosed later Thursday in a meeting with investors.