FCA US Announces Nearly $1.5 Billion Investment in Sterling Heights Assembly Plant
AUBURN HILLS, Mich., July 26, 2016 /PRNewswire/ --
- Plant to be retooled to build next generation Ram 1500
- Brings total U.S. investment to more than $8.3 billion with nearly 25,000 jobs created since June 2009
FCA US today announced that it will invest $1.48 billion in its Sterling Heights Assembly Plant (Mich.) to retool it to build the next generation Ram 1500 and support the future growth of the Ram brand.
The Company also confirmed that production of the Chrysler 200 will end in December 2016 in order to begin the transformation of the plant.
Future plans for the Warren Truck Assembly Plant (Mich.), which currently builds the Ram 1500, will be announced at a later date.
This production action is subject to the formal approval of incentives by state and local entities.
On July 14, 2016, FCA US announced a total $1 billion investment in its Toledo, Ohio, and Belvidere, Ill., assembly plants to support the future growth of the Jeep® brand.
Since 2009, FCA US has announced investments of more than $8.3 billion and added more than 25,000 (including nearly 18,000 hourly) people in its U.S. operations.
This press release contains forward-looking statements. These statements may include terms such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", "intend", or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: the Group's ability to reach certain minimum vehicle sales volumes; developments in global financial markets and general economic and other conditions; changes in demand for automotive products, which is highly cyclical; the Group's ability to enrich the product portfolio and offer innovative products; the high level of competition in the automotive industry; the Group's ability to expand certain of the Group's brands internationally; changes in the Group's credit ratings; the Group's ability to realize anticipated benefits from any acquisitions, joint venture arrangements and other strategic alliances; potential shortfalls in the Group's defined benefit pension plans; the Group's ability to provide or arrange for adequate access to financing for the Group's dealers and retail customers; the Group's ability to access funding to execute the Group's business plan and improve the Group's business, financial condition and results of operations; various types of claims, lawsuits and other contingent obligations against the Group; disruptions arising from political, social and economic instability; material operating expenditures and other effects from and in relation to compliance with environmental, health and safety regulation; developments in labor and industrial relations and developments in applicable labor laws; increases in costs, disruptions of supply or shortages of raw materials; exchange rate fluctuations, interest rate changes, credit risk and other market risks; political and civil unrest; earthquakes or other disasters and other risks and uncertainties. "The Group" as used herein refers to Fiat Chrysler Automobiles N.V. (the "Company") together with its subsidiaries, or any one or more of them, as the context may require.
Any forward-looking statements contained in this press release speak only as of the date of this document and the Company does not undertake any obligation to update or revise publicly forward-looking statements. Further information concerning the Group and its businesses, including factors that could materially affect the Company's financial results, is included in the Company's reports and filings with the U.S. Securities and Exchange Commission, the AFM and CONSOB.
About FCA US LLC
FCA US LLC is a North American automaker with a new name and a long history. Headquartered in Auburn Hills, Michigan, FCA US is a member of the Fiat Chrysler Automobiles N.V. (FCA) family of companies. FCA US designs, engineers, manufactures and sells vehicles under the Chrysler, Jeep, Dodge, Ram and FIAT brands, as well as the SRT performance vehicle designation. The company also distributes the Alfa Romeo 4C model and Mopar products. FCA US is building upon the historic foundations of Chrysler, the innovative American automaker first established by Walter P. Chrysler in 1925; and Fiat, founded in Italy in 1899 by pioneering entrepreneurs, including Giovanni Agnelli.
FCA, the seventh-largest automaker in the world based on total annual vehicle sales, is an international automotive group. FCA is listed on the New York Stock Exchange under the symbol "FCAU" and on the Mercato Telematico Azionario under the symbol "FCA."
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SOURCE FCA US LLC