Fiat Chrysler to invest $1 billion in US
Company says it will create 2,000 jobs in Michigan and Ohio
NEW YORK
International automotive giant Fiat Chrysler announced Monday that it would invest $1 billion in its U.S. plants.
The investment aims to "modernize" Fiat Chrysler's plants in the states of Michigan and Ohio, and will create 2,000 jobs, a company statement read.
"We continue to reinforce the U.S. as a global manufacturing hub for those vehicles at the heart of the SUV and truck market,” CEO Sergio Marchionne said in the statement.
Fiat Chrysler will be focusing more on manufacturing trucks and sport utility vehicles in those plants, according to Marchionne.
The company invested more than $9.6 billion since 2009, with 25,000 jobs created, in the U.S., according to the statement.
After the announcement, Fiat Chrysler share value in the U.S. stock market increased by 1.6 percent.
President-elect Donald Trump praised Fiat Chrysler's decision. "It's finally happening," he wrote in his Twitter account.
Trump had criticized companies for manufacturing outside the U.S., and had promised during his campaign to bring them back in to add jobs to the economy.
He also thanked American automotive giant Ford in his message.
Ford announced last week its plans to cancel a $1.6 billion investment in a new Mexico plant and instead invest $700 million in Michigan to create 700 jobs.
