FCA Will Modernize Michigan Plant for Ram HDs

FCA Will Modernize Michigan Plant for Ram HDs

Fiat Chrysler Automobiles N.V. (FCAU) reported its last quarterly earnings on 9/29/2017 where the firm reported its Actual EPS of $0.71/share against the analyst consensus estimate of $0.61/share.

Fiat Chrysler Automobiles (FCA) has announced that it will be investing $1bn into a plant in MI, expected to create approximately 2,500 jobs.

Hackel pointed to investments since 201 that include $2 billion in the GM Tech Center in Warren and Chrysler's previously announced $2 billion investment in the Sterling Heights Assembly Plant as proof.

It is proper that the company's employees are able to share in the tax reform savings and that we acknowledge openly and the improvement in the business environment in the U.S.by investing accordingly in our industrial footprint, said the automaker's CEO Sergio Marchionne through a press release.

Another factor in the FCA move is the Trump administration's threat to walk away from the American Free Trade Agreement (NAFTA).

The Ram move should be complete by 2020.

The move also protects Fiat-Chrysler from tariffs if the USA exits the North American Free Trade Agreement, something some negotiators and experts say looks increasingly likely.

In an announcement January 11, the automaker said the investment will solidify the U.S. "Thank you Chrysler, a very wise decision".

Fiat Chrysler Automobiles NV on Thursday said it would shift production of Ram heavy-duty pickup trucks from Mexico to MI in 2020, a move that lowers the risk to the automaker's profit should US President Donald Trump pull the nation out of the North American Free Trade Agreement (NAFTA). He also has criticized automakers for moving jobs and investment in new manufacturing facilities to Mexico and prodded them to add more auto production in the United States.

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

The company said roughly 60,000 hourly and salaried American workers will receive an additional $2,000, according to Reuters.

The new $1 billion Warren investment, still subject to the negotiation and final approval of state and local tax incentives, will prepare the plant to build the next-generation Ram Heavy Duty truck, now made in Saltillo, Mexico.

Bonuses will be paid in the second quarter this year in addition to profit sharing and/or performance bonuses.

FCA's announcement gave the automaker an early leg up on attention from the Detroit auto show.

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. We are basically Ram county now.

The company since June 2009 has invested $10 billion in USA plants.

The investment announcement comes a year after Fiat Chrysler revealed initial plans to invest in Warren for the launch of the new Jeep Wagoneer and Grand Wagoneer. They support production in the Jeep and Ram lines, and will also help bring three new Jeep models to plants in OH and MI.

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