FCA Relocating Ram Heavy Duty Truck Production to US

FCA Relocating Ram Heavy Duty Truck Production to US

Wal-Mart Stores Inc. said earlier Thursday it will boost wages to $11 an hour and also give as much $1,000 bonuses to employees after Trump and Congress cut the USA corporate tax rate to 21 percent from 35 percent late past year.

Beyond lower labor costs, Mexico has negotiated an array of global free trade agreements that would better fit production of a vehicle that will be sold worldwide. President Trump showered praises on Twitter saying, "More great news as a result of historical Tax Cuts and Reform".

$1.5 billion in the Sterling Heights Assembly Plant, Sterling Heights, Mich., to build the next generation Ram 1500 pickup; creating 700 new jobs.

FCA noted that the plant investment actions announced this week - the $1 billion for Warren Assembly - are subject to negotiation and final approval of incentives by state and local entities.

Foreign auto makers have been expanding factories or building new ones at a faster clip than Detroit's Big 3.

Almost 154,000 vehicles in the US are included in the recall, along with more than 8,000 additional vehicles sold in other countries.

Fiat Chrysler, like General Motors Co., Nissan Motors Co., and other auto makers, is heavily exposed to changes in Nafta.

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Production of the next-generation Ram heavy duty pickup will move from Saltillo, Mexico, to Warren in 2020.

Fiat Chrysler Automobiles NV is investing $1 billion in a MI truck factory and paying worker bonuses in the wake of a US tax cut, gestures that could come in handy amid major policy matters being sorted out in Washington. The Ram HD is largely sold in the US, so it never really benefited from any free trade agreement but for NAFTA.

However, the company maintained that decision would not lead to any job losses or plant closures in Mexico and reaffirmed its commitment to manufacture vehicles here.

This investment is on top of the $1 billion the OEM committed to invest in the Warren factory past year to accommodate its Jeep product line, which included building its all-new Jeep Wagoneer and Grand Wagoneer.

But besides potential mergers, a stable pricing environment, solid volume growth and the recently announced USA corporate tax reform could underpin auto stocks such as FCA this year, J.P. Morgan said last week.

Chief executive, Sergio Marchionne, said in a statement that the declarations demonstrate our continuing devotion to our United States assembling footprint and the devoted employees who have provided to the FCA's success. The payment will be made in the second quarter of this year.

Fiat Chrysler said the actions were made possible in part by passage of the USA tax reform legislation. That's on top of profit sharing or performance bonuses.

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