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)