Fiat Chrysler to sink in more than $5.7 billion on developing new models in Italy

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.

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