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Chrysler plots Fiat 500 electric vehicle for 2012

Chrysler will develop a Fiat 500 electric vehicle to become the latest automaker to pitch cars that will plug into the grid.

Chrysler said Monday that it will develop a Fiat 500 electric vehicle to become the latest automaker to pitch cars that will plug into the grid.

The automaker announced plans for an electric vehicle at the North American Auto Show and is now making the move official. The Fiat 500EV will show off the synergy between Chrysler and Fiat, the companies said. Fiat bought a stake of Chrysler as it emerged from Chapter 11 bankruptcy.

According to a statement, Chrysler will manufacture the Fiat 500EV for the U.S. The powertrain engineering and development will occur in Chrysler's Auburn Hills, Michigan headquarters. The Fiat 500 will debut later this year.

Pricing for the Fiat 500EV will be "competitive with similar electric vehicles in the market." Most automakers have all-electric vehicles planned over the next few years.

In addition, Chrysler said it was selected for a U.S. Department of Energy grant of up to $48 million for vehicle electrification. Chrysler plans to build 140 Dodge Ram hybrid electric vehicles as a demonstration.

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This post was originally published on Smartplanet.com