A significant chunk of this investment will be channelized towards developing electric and hybrid cars.
Fiat Chrysler has pledged to spend at least $5.7 billion (5 billion euros) on developing new models, including engines, in Italy between 2019 to 2021; the move is aimed at boosting the production at maintaining existing jobs, make better usage of under-utilized plants, and boost operating margins in Europe.
During this time frame, a total of 13 new models will be launched while existing models will undergo re-stylings, said Fiat.
A big portion of this investment will focus on developing hybrid and electric engines.
A new Fiat 500 electric model will be produced at FCA’s Mirafiori plant in Turin, while its plant in Pomigliano will churn out a mild-hybrid version of its popular Fiat Panda hatchback.