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EIB provides support to FCA for hybrid and battery vehicles

Christian Fernsby |
The European Investment Bank’s (EIB) financing to Fiat Chrysler Automobiles N.V. (FCA) for manufacturing safer battery electric vehicles and plug-in hybrid electric vehicles increases to almost €800 million.

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Topics: EIB    FCA   

Investments will be mainly in plants located in southern Italy strongly supporting employment and compliance with the strictest environmental criteria.

An initial €485 million operation finalised in recent days has two components.

For manufacturing, it supports an innovative line of hybrid motor vehicles (plug-in hybrid electric vehicles) produced at the Pomigliano plant in Campania.

This is flanked by research, development and innovation (RDI) for electrification, connectivity and self-driving technologies mainly conducted at FCA's laboratories in Turin.

The EIB credit line covers 75% of the total value of FCA’s investment in this project for the four-year period spanning 2020-2023, with a five-year loan term and particularly favourable interest rates provided thanks to the Europe cars rating of the EIB's bond issues.

Before the summer, a €300 million operation was finalised for ongoing investments for the three-year period from 2019 to 2021, targeting plug-in hybrid electric vehicle production lines at plants in Melfi (Basilicata) and battery electric vehicles in Mirafiori (Piedmont).

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