Fiat Chrysler Automobiles stated it will move production of Ram heavy-duty pickup trucks from Mexico to MI in 2020, a move that decreases the threat to the automaker's profit should President Donald Trump pull the United States from the North American Free Trade Agreement (NAFTA).
On Thursday, Fiat Chrysler Automobiles NV announced that it will invest $1 billion in a MI truck factory and send $2,000 bonus checks to 60,000 United States workers. The automaker also reiterated that it would gift $2,000 bonuses to each and every 60,000 hourly and salaried employees in the United States.
The investments will likely be one of the topics Monday when Marchionne is scheduled to speak to reporters at the North American International Auto Show in Detroit. Today, FCA has added another billion worth of commitment to the Warren plant, with this newest chunk of cash being used to upfit the factory to build the next generation Ram Heavy Duty lineup. AXA now owns 2,132,516 shares of the company's stock valued at $38,194,000 after purchasing an additional 282,858 shares during the last quarter.
That made Fiat Chrysler the third-largest producer of vehicles in Mexico past year, after Nissan Motor Co and General Motors Co.
Fiat Chrysler Automobiles N.V., together with its subsidiaries, designs, engineers, makes, distributes, and sells vehicles, components, and production systems.
Despite the shifting of Ram Heavy Duty production from Mexico, the Saltillo Truck Assembly Plant there will continue to operate.
Talks between the USA and Mexico bogged down in late November after Mexico proposed to limit US companies' ability to bid on government contracts.
Fiat Chrysler said this week that it would move production of its Ram heavy pickup trucks from Mexico to MI. 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.
This investment is on top of the $1 billion the OEM committed to invest in the Warren factory a year ago to accommodate its Jeep product line, which included building its all-new Jeep Wagoneer and Grand Wagoneer.
"It's all taking off here in Macomb County", Hackel said. "This is an fantastic statement".
Investment in U.S. Manufacturing Grows FCA has invested $10 billion in its U.S. manufacturing operations since June 2009. And it invested over $1 billion in a Toledo, Ohio plant to handle the completely redesigned 2018 Jeep Wrangler. Accern identifies negative and positive press coverage by monitoring more than twenty million blog and news sources. More than 700 new jobs will be added to support production.