Stellantis to Invest $108.6 Million in More Affordable Electric Fiat

By David Sachs

Stellantis will spend an additional 100 million euros ($108.6 million) to create a more affordable electric Fiat, in a bid to broaden its customer base and boost manufacturing in Italy.

The multinational carmaker said Wednesday that the investment will fund a redesign of the Fiat 500e that will include battery tech meant to lower the price of the electric car for consumers.

As a result, manufacturing should increase in Mirafiori, the site of the company's Turin plant, where Stellantis laid off employees last month. Italian Prime Minister Giorgia Meloni's government has been prodding the company to boost production since last year.

The investment is part of its Mirafiori Automotive Park, a EUR240 million design, production and recycling hub being built by Stellantis.

Write to David Sachs at [e-mail]

(END) Dow Jones Newswires

04-10-24 1105ET