Published: Sun, January 14, 2018
Business | By Tara Barton

Fiat Chrysler to invest $1bn in MI production plant

Fiat Chrysler to invest $1bn in MI production plant

The company's investment will be targeted toward producing its Ram Heavy Duty trucks.

Currently, the Ram is built in Saltillo, Mexico.

Fiat Chrysler Automobiles plans to invest $1 billion in a suburban Detroit assembly plant that will take over production of the Ram heavy-duty pickup in 2020.

Moving Ram Heavy Duty production to MI mitigates somewhat the risk of auto industry-unfavorable changes that President Trump has pushed for in the North American Free Trade Agreement (NAFTA).

The automaker also plans to give its 60,000 hourly and salaried USA employees $2,000 bonuses.

The Saltillo plant will shift to building commercial vehicles, FCA said in the announcement.

Several companies have made announcements of employee bonuses in hikes in minimum age since the Republican-controlled Congress passed tax reform legislation in December.

To support the increased volume at the Warren facility, 2'500 new jobs will be created, above and beyond the jobs announced as part of the January 2017 announcement.

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Chief executive, Sergio Marchionne, said in a statement that the declarations demonstrate our continuing devotion to our U.S. assembling footprint and the devoted employees who have provided to the FCA's success.

Fiat Chrysler Automobiles N.V. (FCAU) reported its last quarterly earnings on 9/29/2017 where the firm reported its Actual EPS of $0.71/share against the analyst consensus estimate of $0.61/share. They support production in the Jeep and Ram lines, and will also help bring three new Jeep models to plants in OH and MI.

The company since June 2009 has invested $10 billion in US plants.

$350 million in the Belvidere Assembly Plant, Belvidere, Ill., to product the Jeep Cherokee, which moved from Toledo, Ohio in 2017.

"Most such events known to FCA US reportedly occurred at idle or while starting, turning, or driving at low, steady speeds", the automaker said. The truck now is assembled in a Mexican factory that will be "repurposed" for another global product, FCA said. Cetera Investment Advisers now owns 14,074 shares of the company's stock valued at $148,000 after acquiring an additional 1,840 shares in the last quarter.

The recall includes almost 154,000 vehicles in the United States and more than 8,000 others around the world, but the company did not immediately say when the new software would be available.

Those investments will have added 3,700 new jobs in the USA, according to Fiat Chrysler.

Fiat CEO Sergio Marchionne said news of the investment shows how committed the company is to investing in the United States, in a statement cited by CNBC report.

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