EIB provides support to FCA for hybrid and battery vehiclesChristian Fernsby ▼ | September 19, 2020
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.
EIB Europe cars
Topics: EIB FCA
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). ■