Stellantis Chairman John Elkann speaks in the course of the launch of the brand new Fiat Panda as Fiat celebrates the a hundred and twenty fifth anniversary of its model in Turin, Italy, July 11, 2024.
Massimo Pinka | Reuters
DETROIT — Stellar Chairman John Elkann detailed a number of upcoming plans the transatlantic automaker has for U.S. funding when he met with the president Donald Trump on a day journey to Washington beforehand of Trump Opening on Monday.
The plans, as outlined in an inside memo Wednesday to U.S. officers, embrace creating 1,500 jobs and reopening a plant in Illinois to supply a brand new midsize pickup truck in 2027; creating a brand new model of the Dodge Durango SUV that was in the mean time considered Mexico as a substitute at a Detroit plant; and including extra help for vegetation in Toledo, Ohio, and Kokomo, Indiana.
“John informed the President that constructing on our proud, greater than 100-year historical past within the U.S., we plan to proceed that legacy by additional strengthening our U.S. manufacturing footprint and offering stability for our nice American workforce.” Antonio Filosahead of Stellantis’ North American operations, the discharge mentioned.
A number of the messages, like constructing the medium pickup truck in Illinoisbeforehand anticipated below a contract with the United Auto Employees. Nevertheless, they’ve been referred to as into query as a result of strategic selections made by former Stellantis CEO Carlos Tavares.
The New York Inventory Trade welcomes the Jeep model (NYSE: STLA ) to the rostrum on Could 31, 2024. To honor the occasion, Antonio Filosa, CEO, accompanied by Lynn Martin, NYSE Group President, rang The Opening Bell®.
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Elkann, a scion of the Italian Agnelli household that based Fiat, leads the carmaker amid a seek for a brand new CEO after Tavares sharp December departure amid declining earnings, falling market share and disagreements with the corporate’s board.
Plans for Stellantis’ Jeep advanced in Ohio embrace “extra applied sciences and robust product actions for Jeep Wrangler and Jeep Gladiator” and “extra parts crucial” to help services.
Investments for Indiana embrace manufacturing of a brand new four-cylinder engine, in response to the memo.
“Our plans, targeted on rising market share and rising gross sales quantity, embrace a billion-dollar funding in our folks, nice merchandise and revolutionary expertise, all right here within the U.S.,” Filosa mentioned.
Reuters on Tuesday they announced Elkann met with Trump and a number of other senior administration officers earlier than Trump’s inauguration, to which Elkann was invited however didn’t attend.
Elkann, who can also be chairman of the Ferrariflew again to Italy forward of the inauguration to fulfill seven-time world champion Lewis Hamilton as Ferrari’s new Method 1 driver, Reuters reported.
