Stellantis announces a $13 billion US investment plan

DETROIT — StellantisThe parent company of Chrysler, Jeep and other auto brands, plans to invest $13 billion in its U.S. manufacturing operations over the next four years, as the company implements a domestic transformation plan under the leadership of CEO Antonio Velosa.

The investments will add more than 5,000 jobs to its local workforce and include new products at its plants in Michigan, Illinois, Indiana and Ohio through 2029, the transatlantic automaker said Tuesday.

Stellantis stock rose more than 5% in after-hours trading on Tuesday.

This announcement comes amid President Donald Trump’s efforts to create more manufacturing jobs in the United States through the use of strict tariffs, especially for the automobile industry.

The five new Stellantis products include the introduction of a midsize truck for a plant in Toledo, Ohio; two new Jeeps for a closed facility in Belvidere, Illinois; A next-generation version of the Dodge Durango SUV and a “range-extended electric, internal-combustion engine full-size SUV” are being built at factories in Michigan.

“Accelerating growth in the US has been a top priority since my first day,” Velosa said in a statement. “Success in America isn’t just good for Stellantis in the US – it makes us stronger everywhere.”

It is not immediately clear how many new investments and jobs there will be or how many jobs were previously announced as part of the company’s 2023 contract with the UAW that included $18.9 billion in new investments by April 2028.

But there are some differences. For example, a midsize truck was previously planned for Stellantis’ Belvidere Assembly plant in Illinois through a $1.5 billion investment. That vehicle, or a different medium-sized truck, is now expected to be added to the company’s plant in Toledo through a $400 million investment.

This is breaking news. Please check back for additional information.