Don't let it get away!
Keep track of the stocks that matter to you.
Help yourself with the Fool's FREE and easy new watchlist service today.
Chrysler Group LLC, the Detroit automotive icon now owned by Italy's Fiat, announced a plan on Thursday to invest $240 million in its U.S. factories to increase automotive engine manufacturing capacity. Concurrently, the company said it will be adding 1,250 jobs in and around Detroit.
The company said that 250 of the new jobs will be added at its Mack I Engine Plant, which currently manufactures the 4.7 liter V-8 engine for the Dodge Ram 1500 pickup, and will switch to making the new Pentastar V-6 engine in 2014. An additional 1,000 jobs will be added at the Warren Truck Assembly Plant to add a third manufacturing shift, beginning in March 2013. This factory will focus on producing the 2013 model year Ram 1500 pickup.
Over the past three years, Chrysler has added 6,000 hourly jobs at its U.S. facilities. According to CEO Sergio Marchionne:
All of these investments are the direct result of a lot of people who have battled courageously to bring Chrysler back to a state of growth. It is our contribution toward helping southeastern Michigan get back on its feet.