Oct. 15 (UPI) — Automaker Stellantis says it plans to invest billions in U.S. car manufacturing over the next four years under its new company chief.
Stellantis, the parent company of multiple auto bands including Jeep and Chrysler, announced Tuesday plans to infuse at least $13 billion in its American output to add roughly 5,000 jobs to plants in Illinois, Ohio, Michigan and Indiana though 2029. It added it will increase domestic production by around 50%.
The company, with headquarters in Michigan and the Netherlands, plans to launch five new vehicle models and reopen its plant in Belvidere, Ill., for production of two new Jeep vehicles.
The turnaround is being led by new CEO Antonio Filosa, who started his new role over the summer.
“This investment in the U.S. — the single largest in the Company’s history — will drive our growth, strengthen our manufacturing footprint and bring more American jobs to the states we call home,” Filosa said Tuesday in a release.
On Wednesday, Stellantis stock shares remained level during pre-market trading after a 5% bounce later Tuesday after a 24% drop overall for the year.
It comes amid efforts by U.S. President Donald Trump to spur American manufacturing jobs by deploying aggressive tax-like tariffs on U.S. trading partners in an escalating trade war that U.S. consumers bare the brunt of.
“Since day one, me and the team set out a clear priority that was to grow in the largest market that we operate, which is the United States,” Filosa told CNBC in June.
“We know what we need to do to grow this market,” he added.