Fiat Chrysler Automobiles NV said on Tuesday it will invest $4.5 billion in five...
DETROIT - Fiat Chrysler Automobiles NV said on Tuesday it will invest $4.5 billion in five plants to build new models of Jeeps to compete in the lucrative market for full-size, three-row SUVs currently dominated by rivals General Motors Co and Ford Motor Co.
The new investments announced on Tuesday will create 6,500 jobs in Michigan, Fiat Chrysler said in an announcement about three months after GM said it would not allocate new products to five plants in North America that mostly produce less-popular sedan models. But FCA Chief Executive Officer Mike Manley said in a conference call with reporters that the company’s investments are focused on SUVs, an area “forecasted to continue to grow.”
FCA’s plans include turning an engine plant in Detroit into an assembly plant. The company also reversed a decision to shift production of heavy-duty trucks from Mexico to Michigan in 2020, freeing the Michigan facility to produce Jeeps. The plans also include a $900 million investment to modernize and retool another Detroit plant to make the Dodge Durango and Jeep Grand Cherokee.
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