FCA plans to build 80,000 Fiat 500 EVs annually

The company is spending nearly $800 million to build a new production line in Italy.

Fiat Chrysler Automobiles is apparently making a big bet on its next-generation Fiat 500 EV.

The first-generation Fiat 500e (pictured) was more of a compliance vehicle designed solely for the US market. The late Sergio Marchionne even asked people not to buy one, admitting that the company was losing at least $10,000 on each unit sold.

FCA has now announced a 700 million euro (~$788 million USD) plan to build the next-generation Fiat 500-based EV at its factory near Turin in northern Italy, according to Reuters.

The company initially expects the EV assembly line to output 80,000 units annually, far below the Tesla Model 3 but much higher than the production volume of the original Fiat 500e.

The new all-electric Fiat is slated to enter production sometime in the second quarter of next year.

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