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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Fiat Chrysler Automobiles N.V.    FCA   NL0010877643

FIAT CHRYSLER AUTOMOBILES N.V.

(FCA)
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Fiat Chrysler Automobiles N : EIB provides support to FCA for R&D and Plug-in Hybrid Electric Vehicles and Battery Electric Vehicles

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09/18/2020 | 11:05am EDT

PRESS RELEASE

Turin, 18 September 2020

EIB provides support to FCA for R&D and Plug-in Hybrid Electric Vehicles and Battery Electric Vehicles

The European Investment Bank's (EIB) financing to Fiat Chrysler Automobiles N.V. (NYSE: FCAU/ MTA: FCA) (FCA) for manufacturing ever-safer battery electric vehicles and plug-in hybrid electric vehicles increases to almost €800 million. Investments will be mainly in plants located in southern Italy - strongly supporting employment and compliance with the strictest environmental criteria.

Plug-in Hybrid Vehicles in Pomigliano and R&D in Turin: €485 million

An initial €485 million operation finalised in recent days has two components. For manufacturing, it supports an innovative line of hybrid motor vehicles (plug-in hybrid electric vehicles) produced at the Pomigliano plant in Campania. This is flanked by research, development and innovation (RDI) for electrification, connectivity and self-driving technologies mainly conducted at FCA's laboratories in Turin. The EIB credit line covers 75% of the total value of FCA's investment in this project for the four-year period spanning 2020-2023, with a five-year loan term and particularly favourable interest rates provided thanks to the AAA rating of the EIB's bond issues.

Plug-in Hybrid Vehicles in Melfi and Battery Electric Vehicles in Mirafiori: €300 million

Before the summer, a €300 million operation was finalised for ongoing investments for the three-year period from 2019 to 2021, targeting plug-in hybrid electric vehicle production lines at plants in Melfi (Basilicata) and battery electric vehicles in Mirafiori (Piedmont).

Both operations are covered by the pillars of the EIB's financing activity:

  • support for RDI investment, for the development of cutting-edge electric vehicle technologies;
  • support for projects located in southern Italy and for employment;
  • lastly, as the EU climate bank, support for promoters in all investments helping to mitigate climate change and in line with the objectives of the Paris Agreement.

The contracts concluded in 2020 consolidate the long-standing partnership between the EIB and the FCA, which since 2010 has resulted in ten operations totalling €3.2 billion in financing, primarily to support technological innovation and with wide-ranging implications for manufacturing and related industries.

Press contact

EIB

Marco Santarelli, Principal Adviser: m.santarelli@eib.org

Mobile: +39 331 6595594

Website: www.eib.org/press- Press Office: Tel.: +352 4379 21000 - press@eib.org

FCA

Claudio D'Amico, Corporate & Institutional Communications: claudio.damico@fcagroup.com

Mobile: +39 334 7107828

Website: www.fcagroup.com- Press Office: Tel.: +39 011 0031111 - mediarelations@fcagroup.com

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Fiat Chrysler Automobiles NV published this content on 18 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2020 14:04:05 UTC


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Financials
Sales 2020 85 758 M 101 B 101 B
Net income 2020 -798 M -943 M -943 M
Net cash 2020 500 M 591 M 591 M
P/E ratio 2020 -28,6x
Yield 2020 -
Capitalization 17 473 M 20 683 M 20 650 M
EV / Sales 2020 0,20x
EV / Sales 2021 0,16x
Nbr of Employees 191 752
Free-Float 53,6%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 12,97 €
Last Close Price 11,10 €
Spread / Highest target 161%
Spread / Average Target 16,8%
Spread / Lowest Target -41,4%
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NameTitle
Michael Mark Manley President, Chief Executive Officer & Director
John Jacob Philip Elkann Chairman
Richard Keith Palmer Chief Financial Officer & Executive Director
Harald J. Wester Chief Technology Officer
Andrea Agnelli Non-Executive Director
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