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Published: Sat, January 13, 2018
Global Media | By Abel Hampton

Fiat Chrysler to invest RM4 billion in MI after tax cuts

Fiat Chrysler to invest RM4 billion in MI after tax cuts

The company is also making a special bonus payment of $2,000 to approximately 60,000 FCA hourly and salaried employees in the US, excluding senior leadership. Wal-Mart Stores Inc. said earlier Thursday it will boost wages to $11 an hour and also give as much as $1,000 bonuses to employees after Trump and Congress cut the USA corporate tax rate to 21 percent from 35 percent late past year.

Fiat Chrysler Automobiles (FCA) is the latest corporation to leverage the passage of corporate tax cuts as a springboard for good press. The 2,500 jobs being added to build the Ram HD is in addition to those jobs being added as part of the Jeep announcement previous year. Baillie Gifford & Co. now owns 79,791,751 shares of the company's stock valued at $1,430,041,000 after acquiring an additional 12,275,873 shares during the last quarter.

The Warren Truck Plant already builds the half-ton version of the Ram pickup. The Mexican plant will be "repurposed to produce future commercial vehicles" for sale global markets.

Chief executive, Sergio Marchionne, said in a statement that the declarations demonstrate our continuing devotion to our U.S. assembling footprint and the devoted employees who have provided to the FCA's success.

The company said it has invested $10 billion in its USA manufacturing operations since June 2009.

The company also noted that it has invested some $10 billion in its US manufacturing operations since June 2009, with some $3.5 billion alone focused on Jeep and Ram Truck production realignment that included the addition of 3,700 new jobs. That's part of a broader plan that included shifting Jeep Cherokee production from Toledo to Belvidere, Ill. "I can't wait to give him a big hug at the auto show".

More notable recent Fiat Chrysler Automobiles N.V. (NYSE:FCAU) news were published by: Zacks.com which released: "Why Fiat Chrysler (FCAU) Could Beat Earnings Estimates Again January 10, 2018" on January 10, 2018, also Nasdaq.com with their article: "The Zacks Analyst Blog Highlights: Centene, Rush Enterprises, Fiat Chrysler ..." published on January 02, 2018, Twst.com published: "Fiat Chrysler Automobiles NV: November 2017 Fiat Chrysler Automobiles Sales in ..." on December 14, 2017.

The automaker said that the investment it announced on Thursday is separate from a labor deal of 2015 with the UAW union. More than 700 new jobs will be added to support production.

Moving Ram Heavy Duty production to MI mitigates somewhat the risk of auto industry-unfavorable changes that President Trump has pushed for in the North American Free Trade Agreement (NAFTA).

In addition, Trump scolded automakers last year for building vehicles in Mexico to little effect - auto imports from Mexico to the US hit a record level last year.

On Wednesday, Toyota Motor and Mazda Motor announced they would construct a new $1.6 billion joint venture auto assembly plant in Alabama, drawing praise from Donald Trump.

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