Italian car maker Fiat is set to invest $12.3bn on new models, as part of its plan to end European losses in next three years and revive its empty plants in Italy, according to a report.
The amount will used to expand Maserati and Alfa Romeo brands portfolio with new models that are made in Italy and its Fiat line with new variants including 500 subcompact and budget-oriented Panda small car.
It is also in plans to end the production of its Punto and will replace it with a five-door version of 500 model, which will be built in Poland. Fiat will introduce 500 and Jeep sport-utility vehicles and a convertible version of the Alfa Romeo 4C sports car in 2014.
In September 2013, the Italian car maker also announced its plans to invest approximately EUR1bn for the production of Maserati SUV at its Turin Mirafiori factory in Italy by the end of 2014.
Fiat will lay off 5,300 workers to optimize the plant for the SUV. The company will develop a single luxury-car unit by combining its Mirafiori and Grugliasco plants.
