Fiat Chrysler reveals expansion plans after US tax reform

Fiat Chrysler reveals expansion plans after US tax reform

Mubasher: Fiat Chrysler on Thursday announced its plans to ramp up investments in the US, add new jobs, and pay special bonuses to some of its workers.

These announcements, which came after the recently signed US tax bill, reflect the company's ongoing commitment to manufacturing in the US, the car maker’s chief executive officer (CEO) Sergio Marchionne commented.

The giant American-Italian automaker said it would invest more than $1 billion in a Michigan truck factory to relocate its Ram Heavy Duty truck production in the US as for 2020, offering more than 2,500 new jobs.

The company would also give a $2,000 bonus to around 60,000 of its employees, joining Wal-Mart Stores and communication giant AT&T, which made special bonus payments following the US tax reform.

By 12:15 pm GMT, Fiat’s stock jumped significantly by 3.42% to EUR 19.65.

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Source: Mubasher

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