The measure is expected to boost corporate profits of banks and other companies over the medium and long term by lowering the corporate tax rate to 21 percent from 35 percent.
"These announcements reflect our ongoing commitment to our US manufacturing footprint and the dedicated employees who have contributed to FCA's success", said Sergio Marchionne, chief executive officer of FCA.
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.
As the Motor City prepares for the annual North American International Auto Show, Fiat Chrysler is putting extra sizzle into the event.
Natalie Farquhar of Port Huron works as a laborer at Center Line Packaging, which is part of FCA's Mopar division. The announcement on Friday (12 January) comes after multiple minivan owners filed complaints past year, saying their vehicles abruptly shut off while driving including, in some cases, at highway speeds.
"Wow! Wow, that's great". Zacks Investment Research raised Fiat Chrysler Automobiles from a "hold" rating to a "buy" rating and set a $20.00 price objective for the company in a research note on Wednesday, December 20th. Early previous year, the company announced that they would invest a billion in the Toledo South plant for the new Jeep pickup and Warren Truck for the new Wagoneer.
The company's investment will be targeted toward producing its Ram Heavy Duty trucks.
$350 million in the Belvidere Assembly Plant in IL to produce the Jeep Cherokee, which moved from Toledo, OH, in 2017.
A Chrysler Warren Truck Assembly sign is seen in front of the Fiat Chrysler Automobiles (FCA) plant in Warren, Michigan October 7, 2015.
The Saltillo plant will shift to building commercial vehicles, FCA said in the announcement.
The company said it has invested $10 billion in its US manufacturing operations since June 2009.
"Most such events known to FCA US reportedly occurred at idle or while starting, turning, or driving at low, steady speeds", the automaker said.
Macomb County Executive Mark Hackel says he's "excited" about heavy-duty Ram production joining the Dodge Ram light truck, which is made at nearby Sterling Heights Assembly. Detroit's Big Three have invested billions in MI and Macomb County in the last few years, and that's a statement to the strength of the region, he said.
FCA unveiled a new Jeep Wrangler in November and a new Jeep Cherokee will enter production this quarter. Donald Trump keeps talking over any good economic news.
The move also is in keeping with political fears about sourcing outside the U.S.