July 12, 2019—Fiat Chrysler plans to spend over $700 million to take the Fiat 500 electric, reported Reuters.
FCA’s investment is part of a plan announced last year to spend 5 billion euros in Italy up to 2021.
An early version of the electric 500 has been produced in the United States to comply with local authority rules on zero-emission cars. But former CEO Sergio Marchionne asked customers not to buy the car in 2014 as FCA was losing money on it, and said he hoped to sell the smallest number possible.
Production of the newly-engineered 500 BEV will start in the second quarter of 2020, with room to expand later. The 500 BEV will compete in the upmarket small car segment with BMW’s Mini. The German company said this week the new electric version of its compact car would start to reach customers from spring next year.
