Fiat Chrysler to invest $1bn in MI production plant

FCA Warren Truck Plant Ram 1500 Assembly Line

Fiat Chrysler to invest $1bn in MI production plant

Finally, Jefferies Group LLC set a $11.00 price objective on Fiat Chrysler Automobiles N.V. and gave the company a buy rating in a research note on Thursday, January 12th.

Ceballos said there was no current plan to either reduce or grow the workforce in Mexico.

With the Ram 1500 moving from Warren to Sterling Heights, the old Warren Truck Assembly Plant will be retooled to build the Ram Heavy Duty along with the new Jeep Wagoneer lineup. The release also announced special bonus payments of $2,000 to approximately 60,000 of Fiat Chrysler's USA employees (the release made sure to mention the bonuses excluded "senior leadership"). The bonus will be paid to all eligible employees of the FCA automotive and components operations.

The economic "nightmare" predicted by left-wing lawmakers such as Nancy Pelosi and Chuck Schumer continued this week, with more and more major American corporations announcing increased wages and big bonuses following the GOP-led tax cuts. Currently FCA produces Ram Heavy Duty at one of its plants Saltillo, Mexico.

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.

$350 million in the Belvidere Assembly Plant in IL to produce the Jeep Cherokee, which moved from Toledo, OH, in 2017.

The three best-selling vehicles in the 2017 were, in order, the Ford F-Series, the Chevrolet Silverado and the Ram pickup.

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The company also noted that it has invested some $10 billion in its USA manufacturing operations since June 2009, with some $3.5 billion alone focused on Jeep and Ram Truck production realignment that included the addition of 3,700 new jobs.

"Macomb County has become Dodge Ram country", Hackel said.

Brian Rothenberg, a spokesman for the UAW, offered cautious praise, explaining that the union had just been made aware of the announcement.

Dealers will update the engine control software, the company said, adding that most incidents associated with the glitch took place at low speeds or when the vehicles were starting up.

President Donald Trump has signed into law a $1.5 trillion tax overhaul package.

In addition, Trump scolded automakers last year for building vehicles in Mexico to little effect - auto imports from Mexico to the USA hit a record level last year.

Fortune points out the move could also protect Fiat Chrysler from hefty fees if Trump decides to pull out of the North American Free Trade Agreement, or NAFTA.

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