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.

More news: Djokovic sweats on fitness ahead of Australian
More news: El-Zakzaky makes public appearance after 2yrs in DSS detention
More news: Burnley slump in EPL continues with 1-0 loss at Palace

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.

Related Articles

  • Clelin Ferrell & Austin Bryant returning to Clemson

    Clelin Ferrell & Austin Bryant returning to Clemson

    CLEMSON, S.C. (AP) - Clemson All-American defensive end Clelin Ferrell is returning to the Tigers next season. In 2017, Bryant has 7.5 sacks with 47 tackles, 14.5 for a loss, one interception and two forced fumbles.
    'Hatred and Derision': Cuba Slams Trump's Reported 'Sh*thole Countries' Slur

    'Hatred and Derision': Cuba Slams Trump's Reported 'Sh*thole Countries' Slur

    A spokesman for the United Nations said Friday that Trump's reported words were racist. "Take them out", he said. The reported comments made by the President have sparked conversation among people in our own community.
    Eliza Dushku alleges she was sexually molested during filming of True Lies

    Eliza Dushku alleges she was sexually molested during filming of True Lies

    When he was "done", he recommended, "I figure we ought to be cautious...", [about telling anyone] he implied'. After that encounter, she wrote, Kramer "grew cold" and "everything felt different on the set".
  • Trump not to re-impose sanctions on Iran

    Trump not to re-impose sanctions on Iran

    Mr Trump extended the waivers of key economic sanctions that were lifted under the agreement limiting Iran's nuclear program. The deal aims to prevent Iran from creating nuclear weapons while allowing the use of nuclear energy for peaceful purposes.
    Google Assistant Just Won CES 2018, and Alexa Should Be Worried

    Google Assistant Just Won CES 2018, and Alexa Should Be Worried

    Intelligent speakers , like Amazon's Echo and Google's Home , are "quickly becoming the core foundation of smart homes ", he said. When not in use, you can set it to be a digital picture frame as it displays your pictures from Google photos.
    Israeli jets destroyed tunnel near Egyptian border with Gaza

    Israeli jets destroyed tunnel near Egyptian border with Gaza

    Nezar Ayyash, the head of Gaza fishermen union, earlier said the fisherman had been shot by gunfire from the Egyptian border. The Israeli army did not elaborate on reasons and the exact target of the airstrike.
  • AO World (AO) Given "Buy" Rating at Peel Hunt

    The stock of President Energy Plc (LON:PPC) has "Speculative Buy" rating given on Wednesday, August 31 by Canaccord Genuity. Creative Planning holds 0% of its portfolio in Premier Oil plc (LON:PMO) for 11,162 shares. 108 are held by Patten Grp.
    Hitmen kidnap, torture, and murder wrong person

    Hitmen kidnap, torture, and murder wrong person

    Gibson said the suspects followed Zengotita-Torres after she left work at Ross on Sunday night and accosted her when she got home. Lopez-Ramos then hired Alexis Ramos-Rivera and Glorianmarie Quinones Montes to carry out the murder, the station reported.
    Eagles use goal line stand, Jake Elliott field goals to beat Falcons

    Eagles use goal line stand, Jake Elliott field goals to beat Falcons

    It turns out, though, that Foles is better at throwing the football than the Falcons' secondary is at catching the football. He's gotten 70 carries (5.8 yards per carry) with one touchdown and also has 10 receptions for 91 yards and a TD.
  • Freeport-McMoRan Inc. (FCX)- Stocks Taking Toll on Performance Valuation

    Freeport-McMoRan Inc. (NYSE:FCX) has a 20-Day average volume of 21.47 Million. (NYSE:FCX) on Monday, December 11 to "Hold" rating. Bank of America Corporation started coverage on shares of Freeport-McMoran in a research report on Monday, October 17th.
    Israel PM Benjamin Netanyahu to arrive on six-day India trip

    Israel PM Benjamin Netanyahu to arrive on six-day India trip

    The visit comes merely six months after PM Modi visited the Jewish state, becoming the first Indian premier to do so. Now, it is learnt that the government is considering buying the missiles through government-to-government route.
    Feds issue guidance so states can pursue Medicaid work requirement

    Feds issue guidance so states can pursue Medicaid work requirement

    Federal officials also argued that work requirements would help to combat depression . So the legislature hired an independent vendor to do the job for them.