Fiat Chrysler To Invest $788 Million To Build Production Line For New Electric 500 Model

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Mirafiori, Italy (4E) – Fiat Chrysler is planning to invest $788 in a new electric makeover of the legendary Fiat 500, as the giant automaker seeks to move forward after the failed attempt to merge with Renault.

On Wednesday, Fiat Chrysler chief operating officer for the Middle East, Europe and Africa, Pietro Gorlier, announced the investment at the company’s Mirafiori plant in Turin, Italy.

This one would be the Italian-American automaker’s biggest single bet on an electric vehicle, which many analysts believe it could be a success.

When reporters asked if the company’s investment in electric vehicle technology would remain intact after the $35 billion plan to merge with the French automaker, Gorlier said, “the plan is confirmed.”

In addition, Gorlier told reporters the Italian-American company would build a new production line to turn out almost 100,000 of the new 500 BEV, which would be the automaker’s first battery-electric vehicle to be marketed in Europe.

Moreover, Gorlier explained that the production of the newly-engineered 500 Bev will begin in next year’s second quarter, with a potential to expand capacity later.

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