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Fiat Chrysler (FCAU) to Invest $1 Billion in Midwest Plants
FCA US LLC, the U.S. unit of Fiat Chrysler Automobiles N.V. , announced investments worth over a billion dollars in two Midwestern states to grow its Jeep brand. The first investment, worth $700 million, will be made in the Toledo Assembly Complex in Ohio. This investment will be used to retool the North plant for the production of the next-generation Jeep Wrangler. Fiat Chrysler estimates that nearly 700 jobs will be created due to this retooling.
The second investment will be worth $350 million. This amount will be invested in the Belvidere Assembly Plant in Illinois for the manufacture of the Jeep Cherokee. This is expected to create around 300 jobs.
Fiat Chrysler plans to shift the production of the Jeep Cherokee from Toledo, OH to the Belvidere Assembly Plant next year. The company also intends to stop producing the Dodge Dart and the Jeep Compass/Jeep Patriot from Sep and Dec 2016, respectively.
However, these investments are subject to the approval of related incentives by state and local entities. FCA US has announced investments worth $6.8 billion since 2009.
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Fiat Chrysler currently carries a Zacks Rank #4 (Sell). Some better-ranked automobile stocks include O'Reilly Automotive Inc. (ORLY - Free Report) , Spartan Motors Inc. and U.S. Auto Parts Network, Inc. (PRTS - Free Report) , all carrying a Zacks Rank #2 (Buy).
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