The USA Investment Fund Lcv Capital Managment has announced that it will invest €120m in the production of a new car in Italy.
During the presentation of the investment plan, Anthony J. Bonidy, the managing director of Lcv, explained that the choice of investing in Italy is linked to several factors:
“The current US dollar – Euro exchange rates provide a sound scenario to make investments in Europe. Moreover, when looking at the car industry in Italy there’s a skill set already available along with a long tradition in the automotive sector. In addition, it makes perfect business sense to produce a new car where it is easier to find an assembly plant, specialised workforces and dedicated logistics already in place. It is for all these reasons that we have chosen the town of Gioia Tauro (South Italy) to establish our new plant.”
This new car will be a mid-size sedan, with low fuel consumption with a price tag of €13,000. It will be marketed in Italy by a new brand and, hereafter, in European markets.
The new car will be produced in Calabria (southern Italy) at the former “Isotta Fraschini” plants. The new company will be presented by summer 2015. Over the next 16 months 400 people will be employed for the assembly process of the new car and an extra 300 people will be employed for the production of the new car’s components.
LCV has already invested $89m on research and development for the car. The material used to build it will make it about 40 per cent lighter than a steel car of a similar size. In fact the car will be made of polypropylene and fibreglass and as a result, production costs will be 70 per cent lower than those of a traditional steel car.
Tests, carried out in the US on the prototypes show that the average consumption is 45 miles per gallon, equivalent to about 19-20 kilometres per litre. This test was carried out on the petrol engine car (25 kilometres per litre for a diesel engine).
Anthony J. Bonidy also stressed that the aim of this project is to build “an eco-friendly car, with high-quality standards, comparable to those of BMW and Mercedes but with an affordable price. A further feature will be the possibility to customise the car, with no additional charge, customers will be able to pick any colour or image and have it injected onto the skin of the car”.
Lcv Capital Invests In Italy To Produce A New Car speed read:
– USA Investment Fund Lcv Capital Managment has announced that it will invest €120m in the production of a new car in Italy
– The new car will be a mid-size sedan, with low fuel consumption with a price tag of €13,000
– The current US dollar – Euro exchange rates provide a sound scenario to make investments in Europe
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