Home News Fiat Investing $788 Million To Build All-New Fiat 500 EV In Italy

Fiat Investing $788 Million To Build All-New Fiat 500 EV In Italy

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Fiat Chrysler Automotive is placing supporting its failed bid to combine with Renault with an inspiring statement for its future.

Even the Italian-American carmaker said that it intends to invest €700 million ($788 million) from the all-new, all-electric Fiat 500. This ’s FCA’s largest single wager on an electric vehicle up to now.

FCA’s COO for its EMEA (Europe, Middle East, and Africa) region, Pietro Gorlier, announced the investment at the Mirafiori plant at Turin, Italy which turns 80 this year. “The strategy is supported,” Gorlier advised the media when asked if FCA stayed committed to investing in electric vehicle technology following the strategy to unite with EV specialist Renault failed.

Pietro Gorlier, FCA EMEA Chief Operating Officer, at the Mirafiori plant at Turin, Italy

Gorlier stated the investment would go towards constructing a new production line at Mirafiori capable of manufacturing 80,000 units of the new 500 BEV yearly, with the capacity to expand capability later. The forthcoming electric 500 will soon be Fiat’s first EV to be promoted in Europe since the unsuccessful 500e was exclusive to the United States.

The executive said production would begin in the next quarter of 2020. According to FCA’so programs, around 1,200 people will be dedicated to the production of this Fiat 500 BEV however, the electric city car may not be the only EV made in Mirafiori.

“This automobile was entirely conceived, designed and engineered here. It is a genuine product of ‘Made at Fiat’ and ‘Made in Turin’ creativity. It is another superb example of the capacity to produce and innovate which abounds in our business and in this city,” Gorlier explained.

“The brand new Fiat 500 electrical reflects only the first phase of the investment strategy for Mirafiori. This project will be followed by the renewal of the Maserati range, beginning with the Levante, along with also the addition of different models as projected in our business plan,” he included.

Even the 500 BEV, which Gorlier states will embrace cutting options, is a part of a far wider investment program FCA has for Italy over the 2019-2021 period. Even the carmaker pledged to invest a total of €5 billion ($5.63 billion) to revive its product range by introducing 13 all-new or significantly refreshed versions “and an extensive offering of electrical vehicles, including 12 electrified versions of new or existing versions. ”

Also read: New Electric Fiat 500e Set For 2020, Giardiniera Estate To Join The Range

The upcoming Fiat 500 BEV’s all-new electrical powertrain will likely feature a swappable and upgradeable battery package, as shown about the Fiat Centoventi concept.

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