The European Investment Bank’s (EIB) financing to Fiat Chrysler Automobiles N.V. (FCA) for manufacturing ever-safer battery electric vehicles and plug-in hybrid electric vehicles increases to almost €800 million. Investments will be mainly in plants located in southern Italy – strongly supporting employment and compliance with the strictest environmental criteria.
Plug-in Hybrid Vehicles in Pomigliano and R&D in Turin: €485 million
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 AAA rating of the EIB’s bond issues.
Plug-in Hybrid Vehicles in Melfi and Battery Electric Vehicles in Mirafiori: €300 million
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).
Both operations are covered by the pillars of the EIB’s financing activity:
The contracts concluded in 2020 consolidate the long-standing partnership between the EIB and the FCA, which since 2010 has resulted in ten operations totalling €3.2 billion in financing, primarily to support technological innovation and with wide-ranging implications for manufacturing and related industries.