Fiat Chrysler Plans to Invest More Than $1B in Michigan Plant

Fiat Chrysler Plans to Invest More Than $1B in Michigan Plant

Last year, FCA announced that the company would be investing a portion of one billion dollars to prepare the Warren Truck Assembly Plant in MI for the upcoming Jeep Wagoneer and Grand Wagoneer.

The release also announced special bonus payments of $2,000 to approximately 60,000 of Fiat Chrysler's US employees (the release made sure to mention the bonuses excluded "senior leadership").

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 move also protects Fiat-Chrysler from tariffs if the US exits the North American Free Trade Agreement, something some negotiators and experts say looks increasingly likely. That was in addition to US$380 million announced by the state in tax abatements, investment rebates and the construction of a worker training facility. "Thank you Chrysler, a very wise decision".

Late Thursday afternoon, Fiat Chrysler Automobiles N.V. (NYSE: FCAU) announced that it plans to invest more than $1 billion to modernize the Warren, Michigan, assembly plant to produce the next generation of Ram Heavy Duty trucks.

"Companies are coming back to the U.S.in a very big way", he tweeted Wednesday evening.

60,000 of FCA will also be receiving a one-time $2,000 bonus.

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The investment means that the company will relocate the production of the truck from its current production location in Saltillo, Mexico, in 2020, the company states in a press release. Apparently, the bonus amount will be rolled out in the second quarter of this year in surplus of performance-related & profit-sharing bonuses.

FCA's announcement gave the automaker an early leg up on attention from the Detroit auto show. It also engages in the property investment, sourcing, finance, and IT services businesses.

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.

"It's all taking off here in Macomb County", Hackel said. We are basically Ram county now. Baillie Gifford & Co. now owns 79,791,751 shares of the company's stock valued at $1,430,041,000 after purchasing an additional 12,275,873 shares during the last quarter. A portion of the separate $1 billion investment, announced past year, will be used to expand FCA's Jeep product line and prepare the Warren plant, on Mound Road south of Nine Mile Road, to build the Jeep Wagoneer and Grand Wagoneer.

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. Approximately 700 new jobs will be added to support production.

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