Fiat Chrysler Automobiles NV has joined hands with Engie EPS to establish a mutual venture to benefit from the highly anticipated boom in the electric vehicle market. Engie is a division of France's Engie SA group that specializes in eMobility and energy storage systems.
The two companies have inked a memorandum of understanding (MoU) to form a mutual venture early next year.
Fiat Chrysler expects the electric vehicles (EVs) market to grow at a tremendous rate in the coming years, while Engie anticipates that customers will spend at least $6.5 billion per year on recharging their EVs in 2025.
Fiat Chrysler will own a slightly higher stake in the new venture, which will provide a complete suite of products and solutions such as residential and public charging infrastructure, besides green energy packages for EV customers in Europe.
CEO at Fiat Chrysler, Mike Manley said “the signing of this Memorandum of Understanding originates from a fruitful three-year cooperation between the two companies, which allowed the implementation of truly disruptive projects, such as the introduction of the exclusive FCA easyWallbox, an easy-to-use plug-and-play charging unit, the recently launched V2G Pilot Project and the innovative customer-oriented energy packages.”
Fiat Chrysler has rolled out 500 Cabrio electric vehicle and many other models this year as a part of its plan to catch up with competitors to boost its shares in the electric vehicles space. According to its 2018-2022 overall strategy, the company vowed to spend 9 billion euros on EV projects and plans to introduce nearly 30 fully electric or hybrid models.
The company last year made a deal with Engie and Italian multinational energy company Enel Group to establish charging locations for its EVs.
Fiat Chrysler and Engie will sign the complete documents of the recently announced partnership by the end of this year.
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