FCA Announces $1 Billion Investment, Employee Bonus

FCA Warren Truck Plant Ram 1500 Assembly Line

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

Most recently, the company announced investments totaling $3.5 billion, with the addition of 3,700 new jobs, to strengthen its U.S. manufacturing base, and align United States capacity to extend the Jeep and Ram product lines.

Fiat Chrysler will be moving the production of its Ram heavy-duty truck from Mexico to MI and giving its workforce a substantial bonus due to tax reform.

Fiat Chrysler Automobiles said on Thursday that it arranged to disburse $1 billion to progress creation of heavy-duty pickup trucks from Mexico to a factory in MI, where it will append 2,500 new jobs. Currently, the truck is made south of the border in Saltillo, Mexico. The move from Saltillo, Mexico, will take place in 2020. The $1 billion investment in the Warren plant announced yesterday is in addition to the earlier announced $1 billion.

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 a year ago. Tax cut money to employees is pouring into our economy with many more companies announcing.

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FCA noted that the plant investment actions announced this week - the $1 billion for Warren Assembly - are subject to negotiation and final approval of incentives by state and local entities.

FCA CEO Sergio Marchionne says the company should adjust its manufacturing footprint to reflect "improvement in the USA business environment".

The automaker also plans to give its 60,000 hourly and salaried USA employees $2,000 bonuses. As president, Trump has since backed away from that threat though his administration has been demanding significant revisions to the North American Free Trade Agreement and threatening to kill the pact if it doesn't get what it wants. More than 300 new jobs were added to support production. That plant will be retooled to make future commercial vehicles for global export which takes advantage of Mexico having more trade agreements than the U.S. The payment will be made in the second quarter and is being paid in addition to profit-sharing or performance bonus payments.

Vice President Mike Pence, in a tweet, hailed the decision.

The stock jumped more than 20 percent last week on a bullish outlook for the auto sector and media speculation that Chief Executive Sergio Marchionne's final year at the helm could prompt strategic deals such as spin-offs, technology alliances and disposals. There was no breakdown by facility, but that billion-dollar investment will also add 2,000 jobs between the two plants.

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