It has been reported that the automobile giant Fiat Chrysler has decided to invest $4.5Bn in its manufacturing facility located in Michigan. Some part of the investment will also be allotted to the Detroit plant where the company intends to develop a new full sized SUV. The sources have said that the company is also planning to invest in 5 other plants where the company will be manufacturing all new Jeep Wagoneer as well as Grand Wagoneer, which is the bigger version of the same. Those SUV’s will also be available in the Electric Variants.
In a statement issued by the company on Wednesday, it said that the decision of investing such a huge amount will lead to the generation of more than 6500 additional jobs. The investment will be utilized for the development of its new manufacturing facility and will also be utilized for increasing the production capacity of its existing manufacturing facilities. $1.6Bn fund out of the total amount will be dedicated to Mack Avenue Complex of the company. This complex consists of 2 facilities named MA Engine 1 & MA Engine 2. MA Engine 2 facility is out of service since the year 2012.
This fund of $1.6Bn which has been dedicated to M.A Engine complex will be utilized for the development of next generation Grand Cherokee Jeeps. The construction work of Mack facility will likely begin at the culmination of the 2nd quarter. The company has said in its statement that this facility would be the 1st one in the history of last 30 years which will be constructed in Detroit City. New model of Grand Cherokee will reportedly be launched in the year 2021. The company will also be upgrading its assembly plant located in Detroit by flushing in funds around $900Mn.