Italian company Cimino & Associates Private Equity (Cape) wants to build electric cars at Fiat’s Sicilian plant.
The company is saying that it needed a minimum investment of 65 million euros ($88.8 million) to start making electric cars at the Termini Imerese factory.
Cape chairman Simone Cimino has already raised about €50m from investors, including the Sicilian regional government and French bank Natixis, and is in negotiations with Indian electric car manufacturer Reva to produce its cars in Sicily.
Simone Cimino believes the venture would have to produce 30,000 vehicles annually to break even.
[source: Just-Auto / subscription required]
