EIB raises financing to FCA to almost €800m
The European Investment Bank’s financing to Fiat Chrysler Automobiles for manufacturing battery electric vehicles and plug-in hybrid electric vehicles has increased to almost €800 million. Investments will be mainly in plants located in southern Italy.
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 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.
Meanwhile, 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).
