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Fiat Chrysler announces $1B investment in US factories

Fiat Chrysler announces $1B investment in US factories
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Fiat Chrysler announced early Monday it is investing $1 billion in U.S. factories to create 2,000 jobs, according to multiple reports.

The company also plans to add three new Jeep vehicles.

A factory in Michigan will be modernized to make two large SUVs, the Jeep Wagoneer and the Grand Wagoneer.

A plant in Ohio will receive the necessary equipment to make Jeep's new pickup truck.

The company said the work on the factories would be done in 2020, according to The Associated Press.

The Michigan factory now being modernized will also be able to make the heavy-duty Ram pickups that are currently made in Mexico, but the company didn't say if it is planning to move production.  

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Last month, President-elect Donald TrumpDonald TrumpFranklin Graham says Trump comeback would 'be a very tough thing to do' Man suspected in wife's disappearance accused of casting her ballot for Trump Stefanik: Cheney is 'looking backwards' MORE touted announcements from two companies that plan to hire workers in the U.S. He said that was evidence that confidence in domestic markets is booming as he prepares to take office.

The president-elect said management at the phone company Sprint, which will add 5,000 people to its U.S. workforce, and OneWeb, a new technology company that plans to bring on 3,000 workers, called to inform him of their decisions.

During his presidential campaign, Trump vowed to bring manufacturing jobs back to the U.S. and to prevent future jobs from going overseas.