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Italy to support Stellantis battery plant with 369 million euros - Il Sole 24 Ore

Italy to support Stellantis battery plant with 369 million euros - Il Sole 24 Ore
Italy to support Stellantis battery plant with 369 million euros - Il Sole 24 Ore   -   Copyright  Thomson Reuters 2022
By Reuters

ROME – Rome will give hundreds of millions of euros of support to a battery plant in southern Italy planned by automaker Stellantis, the industry minister said, adding the government intended to back the automotive business in the country.

“We are convinced that Stellantis should continue to be engaged in Italy and the gigafactory in Termoli which (Rome) will support with 369 million euros ($420 million) of public money demonstrates this,” Giancarlo Giorgetti told daily Il Sole 24 Ore in an interview published on Thursday, without clarifying the overall investment expected for the plant.

Giorgetti also told the newspaper that Rome could approve as early as Friday a package of 1 billion euros per year – for at least three years – aimed at financing incentives for the purchase of low-polluting cars and the conversion of production plants.

Stellantis declined to comment.

The company, formed in January from the merger of Italian-American Fiat Chrysler and France’s PSA, said its strategy would be supported by five battery plants in Europe and North America, and that one would be at its engine facility in Termoli.

A deal between Rome and the group has not yet been reached but in an interview on Sunday Giorgetti said an agreement for the battery plant would be signed shortly.

($1 = 0.8795 euros)