The European Investment Bank (EIB) has increased to nearly 800 million euros ($947 million) it’s funding to Fiat Chrysler Automobiles (FCA) to support the production of electric and hybrid vehicles, they informed in a joint statement.
Investments to manufacture battery electric vehicles and plug-in hybrid electric vehicles will be largely directed at the automaker’s plants located in southern Italy, supporting employment and compliance with the strictest environmental criteria.
To enhance capacity utilization at FCA’s Italian plants, the group has declared a 5 billion euro investment plan for the country through 2021 which foresees the introduction of new electric and hybrid models.
EIB and FCA had sealed 300 million euros in financing prior to the summer to fund investments for plug-in hybrid electric vehicle production lines at plants located in Melfi, in the southern Basilicata region, and battery electric vehicles at Fiat’s historic Turin plant of Mirafiori during the 2019-2021 period.
FCA has now finalized a 485 million euro deal with EIB to support both an innovative line of plug-in hybrid electric automobiles at the Pomigliano plant located in the southern Campania region as well as R&D activities at FCA laboratories in Turin.
The EIB credit line covers 75% of the overall value of FCA’s investment in the project for the 2020-2023 period.
