Fiat Chrysler Automobiles Invests in Indian Joint Venture; Expands Jeep® Production Footprint

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Jul 01, 2015, 07:30 ET

AUBURN HILLS, Mich., July 1, 2015 /PRNewswire/ -- Fiat Chrysler Automobiles N.V. (FCA) has announced its intent to invest approximately $280 million in its manufacturing joint venture, Fiat India Automobiles Private Limited, with Tata Motors Limited. The investment in the manufacturing facility in Ranjangaon, India, will support the production of a new Jeep_® vehicle and is expected to begin production in the second quarter of 2017.

"Today marks an important step as we continue to expand the availability of Jeep products around the world," said Sergio Marchionne, CEO, FCA. "Earlier this year, we indicated that 2015 would be a transformational year in the globalization of the brand and this announcement reinforces that commitment. Establishing Jeep production in India will give us the opportunity to offer even more people the chance to experience the freedom and adventure that can come from behind the wheel of a Jeep vehicle.

"We are pleased that this investment will strengthen FCA presence in India and are confident in the ability of the joint venture to produce world class products like those carrying the legendary Jeep nameplate," said Marchionne.

The announcement was made as a delegation, led by the State of Maharashtra's Chief Minister Devendra Fadnavis, met with Mike Manley, President and CEO – Jeep Brand, FCA - Global and COO of Asia Pacific Region, and other Company representatives in the FCA North American headquarters in Auburn Hills, Mich.

"The association of Fiat with Maharashtra is not new and dates back many decades," said Chief Minister Fadnavis. "We welcome Fiat Chrysler's decision to invest in the state of Maharashtra and reaffirm the Government's interest in expanding the relationship with Fiat Chrysler by fully supporting this new initiative."

In 2014, Jeep sales exceeded one million units across the globe, setting a new all-time record for the third consecutive year. To further reach its global audience, Ranjangaon will be the fourth plant outside of the U.S. for volume production of Jeep vehicles. Jeep branded vehicles are also currently built in Italy and Brazil, and will begin production in China in the fourth quarter of 2015.

The Chief Minister was accompanied by a high level delegation comprised of the Principal Secretary (Industries), Development Commissioner (Industries) and Under Secretaries of the various functions attached to the Industries Ministry of the state.

SOURCE FCA US LLC