PSA Peugeot Citroen has secured a EUR200m (US$260m) loan from the European Investment Bank (EIB) to develop rechargeable hybrid vehicles.
The cash injection – which forms part of a total of EUR400m investment from PSA – will involve 500 employees in developing new technology aimed at CO2 reduction.
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“This EIB loan is the concrete commitment of Europe in favour of innovation and durable development at the heart of the automobile sector for clean vehicles,” said EIB vice president Philippe de Fontaine Vive.
“Our objective is to help car manufacturers to significantly improve the fuel efficiency of their vehicles while reducing CO2 emissions.”
The loan is part of the EIB’s European Mechanism for Clean Transport initiative designed to promote CO2 reduction research.
Since 2008, the EIB has loaned some EUR8.6bn to the automotive sector, of which EUR6.7bn has been targeted to the European Mechanism for Clean Transport.
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By GlobalDataTo this date, PSA has secured EUR600m of the total of this funding.
EIB stresses loan importance to automotive industry
