EIB ups funding for Fiat Chrysler’s electric vehicles to $949 million

MILAN — The European Investment decision Financial institution (EIB) has amplified to practically 800 million euros ($949 million) its funding to Fiat Chrysler Vehicles (FCA) to assist production of electric powered and hybrid cars, they claimed in a joint statement.

Investments to manufacture battery electric powered autos and plug-in hybrid electric vehicles will be generally directed at FCA plants positioned in southern Italy, supporting employment and compliance with the strictest environmental criteria. To improve capability utilization at FCA’s Italian plants, the team has declared a 5 billion euro expenditure plan for the country via 2021 which envisages the launch of new electrical and hybrid versions.

EIB and FCA experienced sealed 300 million euros in funding ahead of the summer season to fund investments for plug-in hybrid electric powered car creation lines at plants in Melfi, in the southern Basilicata area, and battery electric powered cars at Fiat’s historic Turin plant of Mirafiori above the 2019-2021 period.

FCA has now finalized a 485 million euro deal with EIB to assistance each an revolutionary line of plug-in hybrid electrical motor vehicles at the Pomigliano plant in the southern Campania region as properly as R&D things to do at FCA laboratories in Turin.

The EIB credit history line covers 75% of the total benefit of FCA’s expenditure in the job for the 2020-2023 interval.