Fiat Chrysler Automobiles NV (NYSE:FCAU) will create 2,000 jobs in the U.S. with a new $1 billion investment plan.
The $1 billion investment coming from Fiat Chrysler Automobiles NV will be used to retool some of the company’s factories in Ohio and Michigan. The retool will take until 2020 to complete, but will allow the plants to create two new vehicles and a truck.
The Wagoneer and Grand Wagoneer are the two new vehicles that will be manufactured at the company’s plants once the retool is complete. The other is the Ram HD truck line, which will be made in Warren, Mich. Fiat Chrysler Automobiles NV currently manufacturers the Ram HD truck in Mexico.
Fiat Chrysler Automobiles NV says that once the retool of its factories is complete, it will add 2,000 jobs in the United States. President-elect Donald Trump praised the decision with a post on Twitter Inc (NYSE:TWTR). He has been critical of car manufacturers in Tweets. The upcoming president has also been pushing for more car manufacturers to keep jobs in the United States, or bring more back, with threats of heavy import taxes.
Fiat Chrysler Automobiles NV isn’t the only automobile manufacturer that is looking to invest more in the United States. Ford Motor Company (NYSE:F) announced last week that it is scrapping plans for a $1.6 billion plant in Mexico. Instead, it will invest $700 million into one of its facilities in Michigan. This will add 700 jobs to the company’s Flat Rock factory.
FCAU stock was up 2% as of Monday morning.
