Hi-Tech

Fiat Chrysler to invest over $1 billion in Ram Truck plant

Fiat Chrysler to invest over $1 billion in Ram Truck plant

The shift to the Warren Truck Assembly Plant will result in the creation of 2,500 new U.S.jobs, according to FCA.

Lastly, FCA has announced it will provide 60,000 of its hourly and salary US employees with a $2,000 bonus. The company also plans to offer special bonus payments to 60,000 FCA employees in the United States, moves it said were made possible in part by the passage of USA tax reform legislation late a year ago.

Warren Truck now builds the latest Ram 1500 pickup, although production of next year's truck will move to Sterling Heights Assembly Plant, which is also in MI.

CEO Sergio Marchionne said it was "made possible in part by" last month's massive federal tax overhaul.

FCA said its Saltillo Truck Assembly Plant will be repurposed to produce future commercial vehicles for global distribution.

On Thursday, the automaker said it would spend over $1 billion in revamping the Warren Truck Assembly factory that will begin in 2020 making its Ram heavy-duty trucks.

President Donald Trump soon after the announcement hailed the move on Twitter as "more great news as a result of historical Tax Cuts and Reform".




The special bonus will be paid to all eligible employees of the FCA automotive and components operations in the USA, the OEM added.

As a result, the firm's Mexico plant, where the production of such vehicles now occurs, will be repurposed, instead being used to develop and produce future Fiat Chrysler commercial vehicles for global sale.

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. Mr. Marchionne appended that it is the absolute that that employees split in the savings created by tax bill. This excludes senior leadership, the automaker announced. JPMorgan Chase & Co. now owns 7,520,960 shares of the company's stock valued at $132,294,000 after purchasing an additional 4,669,960 shares during the last quarter.

The decision by FCA was hailed by the U.S. Vice President Mike Pence who tweeted that manufacturing is back and is proof the America first policies of the administration are working.

The all-new 2019 Ram 1500 will make its debut at the North American International Auto Show in Detroit next Monday.

The county executive said the reason why General Motors, Chrysler and Ford are choosing to invest in Macomb County is the area's "dedicated, reliable and hard-working workforce", in addition to being close to the industry's supply chain.

According to an FCA press release, the automaker has invested $10 billion in US manufacturing operations since June 2009.


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