Fiat appears to be readying itself for the launch of electric powered vehicles in established markets. The company has joined hands with two Brazilian utilities, Cemig and Itaipu to develop electric vehicles for Brazil.

Both of the utilities have been into the development of electric cars since the past five years but couldn’t make huge progress due to a crunch of funds. With Fiat joining these two companies, money will no longer be a serious problem.

Initially, a batch of 30 Palio’s will start testing later this year. The project will also show the viability of electric cars in emerging markets, as well as for established markets. The electric Palio is not going to be an easy buy; the car will cost nearly $36,000.

[Via: Motorauthority]87368