October 25, 2020

MSVW-Auto

Beyond Automotive

EIB ups financing for Fiat Chrysler’s electric vehicles to 800 million euros

2 min read


a close up of a sign: FILE PHOTO: FILE PHOTO: A Fiat Chrysler Automobiles sign at the U.S. headquarters in Auburn Hills, Michigan


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FILE Picture: FILE Picture: A Fiat Chrysler Cars indicator at the U.S. headquarters in Auburn Hills, Michigan


MILAN (Reuters) – The European Investment decision Lender (EIB) has greater to nearly 800 million euros ($949 million) its funding to Fiat Chrysler Cars (FCA) to assist production of electric powered and hybrid vehicles, they said in a joint statement.

Investments to manufacture battery electric motor vehicles and plug-in hybrid electric powered motor vehicles will be primarily directed at FCA crops positioned in southern Italy, supporting employment and compliance with the strictest environmental conditions.

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To improve potential utilisation at FCA’s Italian crops, the group has introduced a 5 billion euro financial commitment approach for the nation via 2021 which envisages the launch of new electric powered and hybrid styles.

EIB and FCA had sealed 300 million euros in financing right before the summertime to fund investments for plug-in hybrid electric car or truck generation strains at crops in Melfi, in the southern Basilicata location, and battery electric powered automobiles at Fiat’s historic Turin plant of Mirafiori about the 2019-2021 period.

FCA has now finalised a 485 million euro offer with EIB to aid both an progressive line of plug-in hybrid electrical vehicles at the Pomigliano plant in the southern Campania area as properly as R&D routines at FCA laboratories in Turin.

The EIB credit history line addresses 75% of the total worth of FCA’s investment decision in the venture for the 2020-2023 interval.

(Reporting by Sabina Suzzi, enhancing by Philippa Fletcher)

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