The European Investment Bank has approved €800 million in funding to support Fiat Chrysler Automobiles with its plug-in hybrid electric vehicles and battery research and development project.
Up to €485 million of the approved funding will be used for research and development of plug-in hybrid vehicles in Pomigliano (Campania) and in Turin, southern Italy.
The funding round will support research, development and innovation for electrification, connectivity and self-driving technologies.
The EIB loan covers 75% of the total value Fiat Chrysler requires for the project for the four-year period spanning 2020-2023, with a five-year loan term.
The loan also includes €300 million for plug-in hybrid vehicles production in Melfi and battery EVs in Mirafiori.
The three year project will cover EV 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:
- support for RDI investment, for the development of cutting-edge electric vehicle technologies;
- support for projects located in southern Italy and for employment;
- lastly, as the EU climate bank, support for promoters in all investments helping to mitigate climate change and in line with the objectives of the Paris Agreement.
The EIB and the FCA have since 2010 partnered in ten operations totaling €3.2 billion in the financing, primarily to support technological innovation.