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Fiat Chrysler makes $6.8 billion Italy-backed loan request

Italy covid-19 Government Coronavirus
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SOAVE – Fiat Chrysler Automobiles has confirmed a request for an Italian state-backed loan to help the automotive sector relaunch from the coronavirus shutdown, a move that set off debate in Italy over whether such money should be made available to companies with legal headquarters overseas.

FCA said in a statement late Saturday that it was seeking 6.3 billion euros ($6.8 billion) in financing through Intesa SanPaolo, or one-quarter of its industrial revenue in Italy.

The money would be “dedicated exclusively to financing FCA’s activities in Italy and intended to provide further support to some 10,000 small and medium enterprises in the automotive supply chain,” the statement said.

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