Monrovia, Calif.-based AeroVironment (NASDAQ:AVAV) has a new automotive partner.
On Wednesday, AeroVironment announced that FIAT has selected it to become the "preferred" provider and installer of home charging stations designed to service its Fiat 500e electric car. In a statement, AeroVironment said FIAT is the fifth global automaker to choose the company as its preferred provider of charging solutions. AeroVironment also has relationships with Mitsubishi, Ford, Nissan, and BMW.
FIAT's 500e is a small electric car featuring a 24-kWh lithium ion battery that promises an estimated 108 miles in driving range. Using "an industry standard SAE J1772 recharge connector," AeroVironment says that it will be able to fully recharge a Fiat 500e from a 240-volt refueling station in four hours or less, versus the 20 hours it might take to charge the car using a standard 120-volt charging cable. AeroVironment's charging station can be installed indoors or outdoors. The company says it has deployed 12,000 charging stations across North America.
Automotive News reported earlier this year that the Fiat 500e was priced at $32,500 and that the subcompact would go on sale in Fiat's 25 California dealerships in April.
Buyers of Fiat 500es will be able to bundle a car purchase with the purchase of a home charging station at the dealership, rolling the total cost into their car loan.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends AeroVironment and Ford. The Motley Fool owns shares of AeroVironment and Ford. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.