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PHOTO CAPTION: Fiat's Termini Imerese car plant in Sicily. Tata has also expressed interest in the facility.

Reva, Fiat Said to Have MOU Signed to Build Electric Cars In Sicily

Cape Natixis CEO Simone Cimino would invest some 40m Euros in unprofitable Sicilian car plant that would build EVs in collaboration with Indian-based Reva.

Published: 21-Jan-2010

Sicilian financier Simone Cimino is presenting a plan to convert Fiat SpA’s Termini Imerese car factory for production of electric vehicles to government officials in Rome today.

Cimino, who said he has about 40 million euros ($56.4 million) to invest in the plant, is seeking state support for his project to build electric cars and a recharging network on the island of Sicily.

Fiat Chief Executive Officer Sergio Marchionne last week confirmed his decision to halt production of the Lancia Ypsilon at the Termini Imerese site after 2011, while leaving the door open for unspecified, alternative production to continue. The feasibility of Cimino’s venture, with Reva Electric Car Co., hinges on Fiat turning over the factory at no cost, he said.

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