MILAN (Reuters) -Italian automaker DR Automobiles said on Monday it would invest 50 million euros ($59 million) in its production site in Macchia d'Isernia and hire 300 people to fund its growth.
DR Automobiles invests 50 million euros in its Italian plant, hires 300 people
MILAN (Reuters) -Italian automaker DR Automobiles said on Monday it would invest 50 million euros ($59 million) in its production site in Macchia d'Isernia and hire 300 people to fund its growth.
Based in the southern Italian region of Molise, DR assembles low-cost cars, including fully electric models, produced by the Chinese car manufacturers Chery, JAC and BAIC, using components imported from these companies.
It operates in Italy through the DR, EVO, Tiger and Sportequipe brands. It sold over 14,000 vehicles in the country in the first half of this year, with a 1.6% market share.
The announced investment and hiring are part of a plan to "revamp historic and iconic Italian brands, including the creation of new cars for the premium segment," the company said in a statement.
DR Automobiles will completely assemble the cars in Molise, using a relevant share of components coming from Italian part makers, it added.
"Our investment... is based on the firm conviction that all the conditions are in place for further growth," CEO Antonella Tortola said, announcing the plan during the Osaka Expo in Japan.
DR Automobiles said last year that it planned to expand its operations in Macchia d'Isernia after Italy's Antitrust Authority (AGCM) fined it 6 million euros over what the AGCM said were misleading claims about the origins of its vehicles. ($1 = 0.8520 euros)
(Reporting by Giulio PiovaccariEditing by Keith Weir)
