Fiat Chrysler to invest $1B in Michigan plant, pay out bonuses

Lloyd Doyle
January 14, 2018

After scores of owners filed safety complaints or shared concerns through social media, Fiat Chrysler Automobiles said Friday that it was recalling almost 154,000 Chrysler Pacifica minivans to fix an issue that has caused some to stall suddenly while being driven.

Since 2009, FCA has invested $10 billion in its US manufacturing operations, including $1.5 billion in the Sterling Heights Assembly Plant to build the next generation Ram 1500 truck, More than 700 new jobs will be added to support production.

"Good news: Toyota and Mazda announce giant new Huntsville, Alabama, plant which will produce over 300,000 cars and SUV's a year and employ 4000 people".

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").

President Trump was quick to praise the move on Twitter, staying the move marks "more great news as a result of historical Tax Cuts and Reform". The move from Saltillo, Mexico, will take place in 2020.

Fiat Chrysler Automobiles Mexico spokesman Miguel Ceballos said there was no plans to either reduce or grow the workforce in Mexico. "Thank you Chrysler, a very wise decision".

Fiat Chrysler added that it is not planning to shutter its plant in Saltillo, but did not comment on which of its models would be made there after production of the Ram moves to MI.

Thursday, Fiat Chrysler Automobiles (NYSE:FCAU) America's #1 performer in the auto sector. announced that it will invest $1-B in a MI truck factory and send $2,000 bonus checks to 60,000 United States workers. It will be made in addition to any profit sharing and performance bonuses.

In addition, the firm also revealed that it would pay 60,000 of its US-based employees bonuses of $2,000 each, totalling $120mn in expenses.

"I'm just elated at this news", Macomb County Executive Mark Hackel said.

Hackel says this is "another add-on" to the roughly $10 billion automakers and suppliers have invested in Macomb County since 2010. "This is an wonderful statement". 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 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. That includes $1.5 billion to retool the Sterling Heights Assembly to build the next-generation Ram 1500; $1 billion split between Warren Assembly and the Toledo Assembly Complex; $350 million at the Belvidere Assembly Plant to make the Jeep Cherokee; and $700 million at the Toledo Assembly Complex to produce the next-generation Jeep Wrangler.

"Bottom line: more jobs and more investment in our older section of the city", Fouts said in a Facebook post January 11. Approximately 700 new jobs will be added to support production, FCA said.

Other reports by Iphone Fresh

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