Turin, Italy — Fiat Chrysler (FCA) plans to invest €700m in an electric makeover of its iconic Fiat 500, a top executive said on Thursday, as the carmaker seeks to move on from its failed bid to merge with France's Renault.

FCA's chief operating officer for Europe, Middle East and Africa, Pietro Gorlier, announced the investment — the Italian-American company's biggest single bet on an electric vehicle — at its Mirafiori plan in Turin, northern Italy.

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