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Fiat Chrysler to invest $1bn in MI production plant

14 January 2018, 02:35 | Marlene Myers

FCA US LLC is based in Auburn Hills

FCA US LLC is based in Auburn Hills

Fiat Chrysler announced it will hire 2,500 people to facilitate the move and said it will give a one-time $2,000 bonus to its 60,000 us workers.

Both actions were "made possible in part by the passage of USA tax reform legislation late previous year", according to the release. At that time, officials noted that the Warren investment would make it easier to move Ram production to MI in the future if necessary but said no such decision had been made.

But besides potential mergers, a stable pricing environment, solid volume growth and the recently announced USA corporate tax reform could underpin auto stocks such as FCA this year, J.P. Morgan said last week.

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

President Donald Trump has just posted on Twitter that "the voters in MI are very happy they voted for Trump/Pence".

The Italian-American automaker will pay each US hourly and salaried employee a $2,000 bonus in the second quarter of 2018. Tax cut money to employees is pouring into our economy with many more companies announcing. The truck now is assembled in a Mexican factory that will be "repurposed" for another global product, FCA said.

In an announcement January 11, the automaker said the investment will solidify the U.S.

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COPYRIGHT VIOLATION WARNING: "Somewhat Positive News Coverage Somewhat Unlikely to Affect Fiat Chrysler Automobiles (NYSE:FCAU) Share Price" was originally published by StockNewsTimes and is the property of of StockNewsTimes. Cambridge Investment Research Advisors Inc. now owns 13,222 shares of the company's stock valued at $141,000 after acquiring an additional 430 shares in the last quarter.

Thursday's announcements were made in advance of the North American International Auto Show. This changeover will be complete in 2020.

Mark Hackel, Macomb County executive, said the Thursday announcement is part of an ongoing narrative.

Hackel says this is "another add-on" to the roughly $10 billion automakers and suppliers have invested in Macomb County since 2010. The new investments, totaling $3.5 billion, will add 3,700 new jobs and involve production shifts at plants in Michigan, Illinois and Ohio.

Most recently, the company announced investments totaling $3.5 billion, with the addition of 3,700 new jobs, to strengthen its U.S. manufacturing base, and align United States capacity to extend the Jeep and Ram product lines.



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