Fiat Industrial receives €350mn EIB R&D loan
First publishedon www.WorldHighways.com
Fiat Industrial (FI) has been given a US$439.9million (€350mn) loan from the European Investment Bank (EIB) to support its research and development work for its industrial, commercial and agricultural vehicles.
Powertrain technologies, new emission standard components, and innovative vehicle architecture with a focus on safety are among the areas of current FI R&D.
The loan comes as the European Commission is in the process of promoting the design and application of less polluting and more efficient technologies in the engineering and transport sectors.
“At this stage in the global and European economic cycle, investment in innovation is essential to be able to look beyond the crisis and lay the foundations for recovery,” said EIB vice president Dario Scannapieco. “The projects financed by this loan reflect the commitment of Fiat Industrial and the European Union’s bank to supporting all programmes that combine research with environmental responsibility.”
Sergio Marchionne, FI chairman, said: “This project bears concrete witness to our commitment to seeking high-tech solutions that respect sustainable development.”
FI has also announced plans to create a new holding company by merging with CNH, which it already has a controlling 88% stake in. CNH markets construction equipment through the New Holland and Case brands.