European Investment Bank and PSA Peugeot Citroën Sign €200M Loan Agreement for the Development of Plug-In Hybrids

The European Investment Bank and PSA Peugeot Citroën signed a €200-million (US$259-million) loan agreement to finance the carmaker’s program to develop plug-in hybrid vehicles.

Representing a total outlay of €400 million (US$518 million), the plug-in hybrid program aims to develop multi-purpose vehicles that combine the advantages of a diesel engine on the highway and those of an electric motor for city driving. Five hundred PSA Peugeot Citroën employees are working on the project, which will be developed entirely in France, at the Velizy Technical Centre.