Spectacular transformation: Fiat will spend five billion euros for SUVs and electric cars

Spectacular transformation: Fiat will spend five billion euros for SUVs and electric cars

The money will be used to finance the construction of an Alfa Romeo compact SUV in Pomigliano, home town of Italian Deputy Prime Minister Luigi Di Maio, and an electric Fiat 500 at the Mirafiori plant in Turin. Over the years, the Italian manufacturer's factories have striven to operate at full capacity, which has led to increased costs.

A second model under the Jeep brand will be manufactured in southern Italy to meet the growing demand for SUVs. The investment accounts for more than 11% of the total 8.7 billion euros of Fiat 's spending by 2022 for product and machine revisions.

A spokesman for Fiat declined to comment.

The plans of the Italian-American manufacturer, whose official announcement is announced Thursday, round out the company's situation, for which North America made 97% of its profits in the third quarter.

Earlier this week, General Motors Co. said it would close seven factories around the world, cut more than 14,000 jobs, eliminate unprofitable models of production and forego spending on new technologies with uncertain results. .

Fiat will retain all Italian factories, sources said. The third pillar of the Fiat plan passes production of the compact Jeep Compass SUV alongside Renegade and the Fiat 500X in Melfi, in southern Italy. The brand's deliveries have increased by 61% in the last year in Europe, compared with a 2% drop for the group.

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