Paris, France – Peugeot Citroën has received a €200 million loan from the European Investment Bank (EIB) for the development of plug-in hybrid vehicles.
Representing a total outlay of €400 million, the program is part of the automaker’s ongoing investment in R&D, and is aligned with the EIB’s commitment to promoting sustainable development. The project is designed to develop a new technology that will enable Peugeot Citroën to maintain its lead in the reduction of CO2 emissions, the company said. Five hundred employees are working on the project, which will be developed entirely in France at the Velizy Technical Centre.
The loan was granted under the European Clean Transport Facility financing program, which aims to significantly reduce automotive CO2 emissions through R&D and innovation, and encourage the production of cleaner, more fuel-efficient vehicles. Since December 2008, the EIB has granted €8.6 billion in loans to carmakers and automotive equipment manufacturers.