Fiat Chrysler Plans to Invest More Than $1B in Michigan Plant
Fiat Chrysler Plans to Invest More Than $1B in Michigan Plant
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12 January, 2018, 16:34
The unit of Fiat Chrysler Automobiles, around 6 p.m. on Thursday, issued its statement.
Fiat Chrysler Automobiles (FCA) has announced that it will be investing $1bn into a plant in MI, expected to create approximately 2,500 jobs. The plant in Saltillo will be repurposed to produce future commercial vehicles.
The decision also comes amidst the continuation of negotiations between the U.S., Canada and Mexico over the North American Free Trade Agreement.
The investment follows a dramatic jump in Fiat Chrysler stock amid optimism about its product lineup being revamped with fresh trucks and sport utility vehicles.
Fiat/Chrysler says the tax plan will also mean the return of manufacturing jobs to the USA from Mexico. FCA said this was on top of a large investment at the Warren factory announced previous year.
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"It's pretty much Ram country here in Macomb County now", Macomb County Executive Mark Hackel said Thursday night after FCA's Warren truck plant announcement.
That includes $1.5 billion to retool the Sterling Heights Assembly to build the next-generation Ram 1500; $1 billion split between Warren Assembly and the Toledo Assembly Complex; $350 million at the Belvidere Assembly Plant to make the Jeep Cherokee; and $700 million at the Toledo Assembly Complex to produce the next-generation Jeep Wrangler.
Vice President Mike Pence praised Fiat Chrysler's announcement. Since 2011, the Company has invested more than $5.7 billion in its USA facilities and hired almost 15,000 hourly employees by keeping labor costs competitive. Pence said in a Twitter posting. The truck is a major source of GM profit and one of the most significant introductions associated with the show. More than 300 new jobs were added to support production.
"It is going to be for global distribution, at the moment the Ram is only distributed at the level of NAFTA", he said.
The company is also making a special bonus payment of $2,000 to approximately 60,000 FCA hourly and salaried employees in the US, excluding senior leadership.
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