Fiat bets on electrical ‘500’ because it strikes on from Renault, Auto Information, Automobilnews
Turin: Fiat Chrysler plans to speculate 700 million euros ($788 million) in an electrical makeover of its iconic Fiat 500, a prime government stated on Thursday, because the automaker seeks to maneuver on from its failed bid to merge with France’s Renault.
FCA’s chief working officer for Europe, Center East and Africa, Pietro Gorlier, introduced the funding – the Italian-American firm’s largest single wager on an electrical car – at its Mirafiori plan in Turin, northern Italy.
“The plan is confirmed,” Gorlier advised reporters, when requested if FCA’s funding in electrical car expertise would stay unchanged after its $35 billion plan to merge with Renault, an electrical automotive pioneer, collapsed final month.
He stated FCA would make investments the 700 million euros to construct a brand new manufacturing line at Mirafiori to end up 80,000 of the brand new 500 BEV, its first battery electrical car to be marketed in Europe after a smaller, preliminary foray in america.
Manufacturing will begin within the second quarter of 2020, with capability to be expanded later, Gorlier stated.The 500 compact automotive is without doubt one of the group’s most well-known fashions, launched by then Fiat within the late 1950s and rapidly changing into a logo of Italian city design.
The 700 million euros funding is a part of a plan introduced final yr to speculate 5 billion euros in Italy as much as 2021.
In abandoning its merger provide for Renault, FCA blamed French politics for scuttling what would have been a landmark deal to create the world’s third-biggest automaker.