Italian automaker Fiat will transition to producing only electric vehicles (EVs) in 2025-30.
The firm plans to phase out all internal combustion engine (ICE) cars from its product lines from 2025 and make EVs more accessible to a wider market, chief executive Olivier Francois said.
"It is our duty to bring to market electric cars that cost no more than those with an internal combustion engine, as soon as we can, in line with the falling costs of batteries," he said.
In February, the UK's national audit office highlighted the upfront cost of EVs as a significant barrier to most consumers and identified advancements in battery technology as adding to that premium.
But EV demand is growing. New battery electric vehicle registrations rose to 146,185 units in the first quarter of 2021, up by just over 59pc from a year earlier, data from the European Automotive Manufacturers Association show.
Fiat launched its first EV — the all-electric New 500 — in March 2020 but has not shared details of any future electric cars it hopes to produce.
Fiat joins US based Ford, Sweden's Volvo, and the UK's Jaguar Land Rover, which have also committed to going all electric in Europe by 2030.
Fiat is part of Netherlands-based automaker group Stellantis with Italian car companies Alfa Romeo and Abarth, as well as US based Chrysler, Jeep and Morpar.
