Earlier today, Fiat announced that it is cashing $1 billion to produce a wide variety of compact cars by 2016. The project will be worked by Tofaz, thus seeing the future cars being developed in Turkey.
It is also understood that the future vehicles will be the replacements for the aging Bravo hatchback, Lina sedan and the Stilo wagon that are all ceased from development since 2008.
Fiat added that about half of the investment will be spent in the developing 580,000 units of compact sedan and the balance of $480 million will be used to assemble 700,000 units of hatchbacks and wagons.
Fiat also revealed that the money is already pumped to the various departments and the vehicles should be production ready by the end of next year. In addition to that, most of the vehicles are focused on the European market.
The Italian carmaker went into details by saying that the vehicles will be built on the Fiat 500L/500X platform that is also used by the latest Jeep Renegade.
