Here's something President Donald Trump can pound his chest about.
Fiat Chrysler announces that it plans to invest more than $1 billion to modernize the Warren Truck Assembly Plant on Mound Road, add 2,500 jobs there and relocate production of the its Dodge Ram trucks from Saltillo, Mexico to Warren. The company will also give $2,000 bonuses to approximately 60,000 FCA hourly and salaried employees in the U.S., excluding senior leadership, in the second quarter of the year.
The company, in a press release, said the moves were being "made possible in part by the passage of U.S. tax reform legislation." It emphasized that 2,500 jobs will be created, beyond ones announced last January.
The plant changeover will be done by 2020.
That new tax legislation cuts the corporate tax rate from 35% to 21%.
"These announcements reflect our ongoing commitment to our U.S. manufacturing footprint and the dedicated employees who have contributed to FCA's success," CEO Sergio Marchionne says in a statement. "It is only proper that our employees share in the savings generated by tax reform and that we openly acknowledge the resulting improvement in the U.S. business environment by investing in our industrial footprint accordingly."