November 26, 2019 / 5:05 PM / 18 days ago

Italy's industry ministry pledges tax benefits for Fiat for hybrid car development

FILE PHOTO: The logo of Fiat carmaker is seen in Nice, France, June 3, 2019. REUTERS/Eric Gaillard/File Photo

ROME (Reuters) - Italy’s industry ministry pledged 27 million euros in tax benefits for Fiat Chrysler (FCHA.MI) for the production and development of hybrid and electric cars in three of its Italian productions sites.

The agreement signed on Tuesday offers incentives for the purchase of equipment for the plants of Melfi, Orbassano and Turin-Mirafiori, and is part of a broader program of investments in innovation and research worth almost 140 million euros ($154 million), to be completed by 2022.

Reporting by Angelo Amante, editing by Giulia Segreti

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