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Fiat Chrysler to spend 5 billion euros on new models, engines in Italy

Fiat Chrysler to spend 5 billion euros on new models, engines in Italy
FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at its U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018. REUTERS/Rebecca Cook/File Photo -
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Rebecca Cook(Reuters)
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TURIN, Italy (Reuters) – Fiat Chrysler <FCHA.MI> pledged on Thursday to spend more than 5 billion euros (4.45 billion pounds) on new models and engines in Italy between 2019-2021 in a bid to fill under-utilised plants, conserve jobs and boost operating margins in Europe.

A total of 13 new models or restylings of existing models will be launched in that period, it said.

The carmaker said a big part of the investments will be focused on the development of electric and hybrid engines.

A new Fiat 500 electric model will be produced at FCA’s Mirafiori plant in Turin, while its plant in Pomigliano, southern Italy, will churn out a mild-hybrid version of its popular Fiat Panda hatchback.

(Reporting by Agnieszka Flak and Gianni Montani)

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