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FCA to invest 700 million euros for new electric 500 model production

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FCA to invest 700 million euros for new electric 500 model production
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   -   Copyright  REBECCA COOK(Reuters)
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TURIN, Italy (Reuters) – Fiat Chrysler <FCHA.MI> will invest an overall amount of 700 million euros (£628 million) to build a production line for the new electric version of the 500 model (BEV), a top group executive said.

FCA on Thursday installed the first robot of the future electric 500 assembly line in its historic plan of Mirafiori, in Turin, which will produce 80,000 unit a year, starting from the second quarter of 2020, said Pietro Gorlier, FCA’s chief operating officer for Europe, Middle East and Africa.

The investment on the 500 BEV is part of a 5 billion euro investment plan to 2022 FCA has announced for Italy.

The production capacity could be expanded further, Gorlier said.

(Reporting by Giulio Piovaccari, editing by Valentina Za)

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