Fiat SpA (F) plans to invest as much as 9 billion euros ($12.3 billion) on new models to end European losses in three years and revive nearly empty Italian factories, two people familiar with the matter said.

In addition to bolstering the upscale Maserati and Alfa Romeo marques with new "Made in Italy" models, the carmaker will focus the Fiat line on variants of the trendy 500 subcompact and the budget-oriented Panda small car, ditching a former best seller, said the people, who asked not to be identified because the discussions are private.

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