November 25, 2019 / 3:56 PM / 2 months ago

Fiat Chrysler has started 90% of planned investments in Italy: executive

FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at the U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018. REUTERS/Rebecca Cook/File Photo

MILAN (Reuters) - Fiat Chrysler (FCHA.MI) has already started 90% of the investments earmarked for Italy, the auto maker’s Chief Operating Officer for the EMEA region Pietro Gorlier said on Monday.

FCA - which is finalizing merger talks with France’s Peugeot owner PSA (PEUP.PA) to try to create the world’s fourth-largest carmaker - announced last year it would spend 5 billion euros ($5.5 billion) in Italy up to 2021.

The plan is aimed at helping the group launch its first electric and hybrid models and to fill capacity utilisation at its Italian plants.

Gorlier said that despite unfounded speculation, FCA has “consistently confirmed the plan through action, with no delays”.

“Around 90% of investments have been kicked off,” he said, according to the text of a speech he gave at the Italian car industry association ANFIA assembly, in the FCA plant in Melfi, southern Italy.

As part of its 5 billion euro plan, FCA will launch form next year its full-electric 500 small car and hybrid and electrified models of its Maserati, Jeep and Alfa Romeo brands.

Reporting by Giulio Piovaccari; Editing by Emelia Sithole-Matarise

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