Fiat Chrysler to invest $1 billion in MI - adding 2'500 new jobs

Fiat Chrysler to invest $1 billion in MI - adding 2'500 new jobs

Second, the company confirmed that it will make a special bonus payment of $2,000 to approximately 60,000 FCA hourly and salaried employees in the U.S., excluding senior leadership.

What's more, FCA said it would pay a $2000 bonus to 60,000 hourly and salaried employees, which the company said was made possible by a huge corporate tax cut enacted late past year.

The announcement from the Italian-American automaker comes a day after Japanese automakers Toyota and Mazda announced plans to build a huge, $1.6 billion joint-venture auto plant in Alabama, which garnered attention from Trump. Other companies, including AT&T, Comcast and Bank of America have announced $1000 bonuses because of the tax cut, according to a list compiled by USA Today.

The move is in part a result of what FCA CEO Sergio Marchionne calls an "improvement in the USA business environment", referring to the new tax laws.

Fiat Chrysler Automobiles will spend $1 billion to upgrade its Warren Truck Assembly Plant in MI to build heavy duty Ram pickups and a full-size Jeep SUV, the automaker announced Thursday. Currently, the truck is made south of the border in Saltillo, Mexico.

FCA US Chairman and CEO Sergio Marchionne ( left) and UAW President Dennis Williams share a moment during a ceremony to officially open negotiations on a new collective bargaining agreement at the UAW-Chrysler National Training Center in Detroit on July 14, 2015.

Jeep is one of several brands in an FCA portfolio that also includes luxury Maseratis, sporty Alfa Romeos and mass-market Fiats. The Mexico plant will be repurposed to product commercial vehicles.

Merck & Company, Inc. (MRK) Position Raised by Violich Capital Management Inc
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Fiat Chrysler has been producing heavy-duty Ram pickups in Saltillo, Mexico.

The company is set to launch a new 1500 series pickup at the North American International Auto Show next week; heavy duty trucks usually follow soon after. It also engages in the property investment, sourcing, finance, and IT services businesses.

"Macomb County has become Dodge Ram country", Hackel said.

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.

"It's all taking off here in Macomb County", Hackel said. We are basically Ram county now. The company has a market capitalization of $13.24 billion, a P/E ratio of 8.05 and a beta of 1.78.

Those investments will have added 3,700 new jobs in the USA, according to Fiat Chrysler.

In order to support the increase in volume that the investment at the Warren facility will bring, the company will create 2'500 new jobs.

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