July 9, 2013 / 10:24 AM / 5 years ago

Fiat and Peugeot will invest in Sevel for five more years

Fiat CEO Sergio Marchionne looks at a presentation of the new LaFerrari hybrid car on the Ferrari stand during the first media day of the 83rd Geneva Car Show at the Palexpo Arena in Geneva March 5, 2013. REUTERS/Denis Balibouse

MILAN (Reuters) - Italian carmaker Fiat FIA.MI said on Tuesday it will invest 550 million euros ($707.55 million) to build light trucks in Italy over the next five years, while its partner Peugeot (PEUP.PA) will invest 150 million euros.

Fiat and Peugeot will invest a combined amount of over 700 million euros to build the Fiat Ducato, the Peugeot Boxer and the Citroen Jumper, Fiat said in a statement.

Fiat and Peugeot build the vehicles at their Sevel factory joint venture. The accord is due to end in 2019.

Fiat did not indicate plans after that date.

($1 = 0.7773 euros)

Reporting by Jennifer Clark, editing by Stephen Jewkes

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