Fiat said on Tuesday (9 July) it would spend EUR550m ($707.55m) to build light commercial vehicles in Italy over the next five years in the joint venture with PSA, which will spend EUR150m.

The automakers will spend the combined EUR700m to build the Fiat Ducato, the Peugeot Boxer and the Citroen Jumper, Fiat said in a statement cited by Reuters.

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The pair build the vehicles at their Sevel factory joint venture under an agreement due to end in 2019.

Fiat did not indicate plans after that date, Reuters noted.

A Fiat/PSA factory recently began building a rebadged van model called the ProAce for Toyota Europe, replacing the Japanese firm’s own HiAce.

General Motors Europe and the Renault-Nissan alliance also share van designs and factories in Europe.

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