Fiat Chrysler says because of the President's new tax law, it will invest more than $1 billion in modernizing the Warren Truck Plant and will add 2,500 jobs.
The company credited the new federal tax law and also announced $2,000 bonuses for 60,000 hourly and salaried employees in the USA, excluding senior leadership. AXA now owns 2,132,516 shares of the company's stock valued at $38,194,000 after purchasing an additional 282,858 shares during the last quarter. The stock of Fiat Chrysler Automobiles N.V. (NYSE:FCAU) has "Buy" rating given on Friday, July 28 by Kepler Cheuvreux. The Ram HD pickups have been built in Saltillo, Mexico since 1995 and that will continue through 2019, but when the next generation Ram 2500, 3500, 4500 and 5500 arrive, they will be built at Warren Truck. There was no breakdown by facility, but that billion-dollar investment will also add 2,000 jobs between the two plants.
Talks between the USA and Mexico bogged down in late November after Mexico proposed to limit US companies' ability to bid on government contracts.
If the United States exits NAFTA, it might mean that automakers would pay a 25 percent duty on pickup assembled in Mexico and delivered to the United States. The automaker has retooled the nearby Sterling Heights Assembly Plant to handle the all-new 2019 Ram 1500 light-duty version of its full-size pickup.
The new $1 billion Warren investment, still subject to the negotiation and final approval of state and local tax incentives, will prepare the plant to build the next-generation Ram Heavy Duty truck, now made in Saltillo, Mexico. That investment is also expected to be completed by 2020.
Brian Rothenberg, a spokesman for the UAW, offered cautious praise, explaining that the union had just been made aware of the announcement.
Fiat Chrysler said is aware of a single potentially related accident. We are basically Ram county now.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in.
According to an FCA press release, the automaker has invested $10 billion in USA manufacturing operations since June 2009. In early 2017, the company announced it would spend over $1 billion to pay for expanding factories in MI and OH which would create 2,000 jobs.
The recall includes almost 154,000 vehicles in the United States and more than 8,000 others around the world, but the company did not immediately say when the new software would be available.