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PSA secures loan to finance plug-in hybrid development
July 27, 2010 | Anne-Françoise PELE | 222900978
The European Investment Bank (BEI) announced it has awarded a 200 million euro ($258 million) loan to PSA Peugeot Citroen to finance the carmaker's program to develop plug-in hybrid vehicles. The program, totaling 400 million euros ($516 million), is part of the group's ongoing R&D investment strategy and is aligned with the EIB's commitment to promoting sustainable development.
By leveraging plug-in hybrid technology, PSA Peugeot Citroen said it plans to develop multi-purpose vehicles that combine the benefits of a diesel engine on the highway and advantages of an electric motor for city driving.
In total, 500 PSA Peugeot Citroen employees will be working on the project.
The loan was granted under the European Clean Transport Facility (ECTF) financing program, one of the EIB's effective measures for stimulating the European economy.
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