Economy

FCA to invest $1B in MI plant, pay out bonuses

FCA to invest $1B in MI plant, pay out bonuses

The automaker will invest $1 billion in its Warren Truck Assembly Plant to make the Ram Heavy Duty Truck starting in 2020. Instead, that facility will be repurposed to produce to build "future commercial vehicles for global distribution". Mexico has free trade agreements with numerous countries.

The nation's largest retailer, with about 1.5 million USA employees and almost $500 billion in global revenue, also said it would expand its workers' maternity and parental leave benefits.

The new plant will add an additional 2,500 new jobs to the state economy, while Mexican workers will still continue to produce other Fiat Chrysler models at its Mexico factory, according to The Sun Herald.

Fiat Chrysler Automobiles is feeling good about tax reform. Mr Trump reiterated a threat to pull out of the trade accord on Thursday, a day after Canadian officials said they viewed the odds of withdrawal as rising. Threats by US President Donald Trump to withdraw the US from the North American Free Trade Agreement or dramatically rework the deal have spurred warnings from the vehicle industry of major harm.

The company will also create 2,500 new jobs at the plant.

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Vice President Mike Pence, in a tweet, hailed the decision. "Manufacturing is back. Great announcement".

Fiat Chrysler has been producing heavy-duty Ram pickups in Saltillo, Mexico.

The United States and Canada are the principal markets for full-size heavy-duty pickup trucks, most of which are produced in the United States by FCA, GM, Ford Motor Co (gm), Toyota Motor Corp and Nissan Motor Co (nissan).

In January 2017, the company announced that it would invest a portion of $1 billion in Warren Truck Assembly to expand the Jeep product line with the addition of the all-new Jeep Wagoneer and Grand Wagoneer.

Fiat/Chrysler joins a list of almost 200 USA companies which have announced bonuses or pay increases to employees after the passage of the tax bill.


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