The European Investment Bank’s (EIB) financing to Fiat Chrysler Automobiles (FCA) for manufacturing battery electric vehicles (EVs) and plug-in hybrids has been increased to almost €800 million (£733m).
The investments will be made mainly in facilities located in southern Italy.
An initial €485 million (£444.6m) of financing will support an innovative line of hybrid motor vehicles at the Pomigliano plant in Campania, Italy.
It will be backed by research, development and innovation (RDI) for electrification, connectivity and self-driving technologies mainly conducted at FCA’s laboratories in Turin.
An additional €300 million (£275m) will support ongoing investments between 2019 and 2021, targeting plug-in hybrid EV production lines at plants in Melfi and battery EVs in Mirafiori.