Fiat lays more groundwork for getting into the electric-car game
- Fiat expects there to be about 15 million electric and plug-in hybrid cars on Europe’s roads in 2025.
Fiat Chrysler Automobiles NV, one of the carmakers that was slowest to embrace electrification, is signaling it’s serious about making a shift.
The automaker announced plans Thursday to form a joint venture with the Italian energy-storage unit of French utility giant Engie SA. The two will offer a suite of products for plugging in at home and flat-rate subscriptions for using public chargers.
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The venture is the latest indication Fiat Chrysler has changed its tune on EVs after years of doubting their ability to catch on with consumers. The company plans to complete a merger early next year with Peugeot maker PSA Group, which has been relatively bullish about battery-powered cars.
“This deal is another asset that Fiat Chrysler will have to bring a dowry to Stellantis," said Pietro Gorlier, chief operating officer of the carmaker’s European operations, referring to the group Fiat will form with PSA.
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Fiat expects there to be about 15 million electric and plug-in hybrid cars on Europe’s roads in 2025, Gorlier said. The company’s Italian unit will own 50.1% of the venture with Engie EPS, which will own the rest.
Engie EPS, which has been advised by Lazard Ltd., expects about 5.5 billion euros ($6.5 billion) in annual spending on energy for transportation by the middle of the decade, Chief Executive Officer Carlalberto Guglielminotti said on a call with Gorlier.
