PSA Peugeot-Citroen is one of just a handful of companies that have displayed an interest in developing plug-in hybrids (PHEVs) that utilize an efficient diesel engine, combined with an electric motor. It's been argued that the efficiency benefits of diesel technology would undoubtedly make for one killer plug-in hybrid and Peugeot-Citroen hopes that its PHEV efforts will shed some light on the advantages of using diesel over gasoline.
Peugeot-Citroen has dedicated some 500 employees to its diesel plug-in program with hopes of launching several models within the next few years, including a plug-in hybrid version of the 3008, pictured above. Now, the European Investment Bank (EIB) has decided that Peugeot-Citroen's efforts warrant a significant investment. The EIB has agreed to loan Peugeot-Citroen $259 million (U.S., at the current exchange rate) to fund the development of plug-in hybrids. The $259 million brings Peugeot-Citroen's total plug-in hybrid outlay to $518 million. Follow the jump for more on PSA's plug-in hybrid plans.