24/10/2020

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A Class Of Its Own

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

MILAN — The European Financial investment Financial institution (EIB) has increased to just about 800...

MILAN — The European Financial investment Financial institution (EIB) has increased to just about 800 million euros ($949 million) its funding to Fiat Chrysler Cars (FCA) to assist production of electrical and hybrid motor vehicles, they said in a joint statement.

Investments to manufacture battery electrical motor vehicles and plug-in hybrid electrical motor vehicles will be primarily directed at FCA plants found in southern Italy, supporting employment and compliance with the strictest environmental standards. To strengthen potential utilization at FCA’s Italian plants, the group has introduced a five billion euro financial commitment system for the place by means of 2021 which envisages the start of new electrical and hybrid types.

EIB and FCA experienced sealed three hundred million euros in funding before the summertime to fund investments for plug-in hybrid electrical motor vehicle production traces at plants in Melfi, in the southern Basilicata location, and battery electrical motor vehicles at Fiat’s historic Turin plant of Mirafiori in excess of the 2019-2021 interval.

FCA has now finalized a 485 million euro deal with EIB to assist both of those an innovative line of plug-in hybrid electrical motor vehicles at the Pomigliano plant in the southern Campania location as very well as R&D routines at FCA laboratories in Turin.

The EIB credit score line handles seventy five% of the full value of FCA’s financial commitment in the project for the 2020-2023 interval.