November 29, 2018 / 12:25 PM / 13 days ago

Fiat Chrysler to spend 5 bln euros on new models, engines in Italy

TURIN, Italy, Nov 29 (Reuters) - Fiat Chrysler pledged on Thursday to spend more than 5 billion euros ($5.7 billion) on new models and engines in Italy between 2019-2021 in a bid to fill under-utilised plants, conserve jobs and boost operating margins in Europe.

A total of 13 new models or restylings of existing models will be launched in that period, it said.

The carmaker said a big part of the investments will be focused on the development of electric and hybrid engines.

A new Fiat 500 electric model will be produced at FCA’s Mirafiori plant in Turin, while its plant in Pomigliano, southern Italy, will churn out a mild-hybrid version of its popular Fiat Panda hatchback. ($1 = 0.8790 euros) (Reporting by Agnieszka Flak and Gianni Montani)

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