The loan is intended to support the company’s $1.6bn investment to develop pumped hydro storage projects in the state of Maharashtra.
Fiat owner Stellantis is expected to announce on Monday a hybrid version of its 500e small electric car to be produced at its Mirafiori plant in Italy, two sources familiar with the matter said, confirming a report by Automotive News Europe. The announcement is expected at a meeting scheduled in Turin between CEO Carlos Tavares and unions, which have been asking for a new high-volume, cheaper model for Mirafiori to revive its output. The 500e is assembled at the site in Turin, Fiat's historic home, but a global slowdown in sales of fully-electric vehicles has pushed Stellantis to significantly slow production rates, introducing protracted furlough periods for the plant's workers.
The president has pledged his support for the program, but it may come at a hidden cost.