MILAN (AP) ? Fiat chief executive Sergio Marchionne has announced a ?1 billion ($1.32 billion) investment to produce two SUVs at a plant in southern Italy.
In a sign of the importance of the investment, Premier Mario Monti joined Marchionne at the Melfi plant in Basilicata for the announcement Thursday.
Marchionne said the plan to build a pair of SUVs ? one under the Jeep brand, the other a Fiat ? would help the automaker staunch losses in Europe and address the underutilization of its Italian plants due to the fall-off in demand caused by the economic crisis.
Marchionne, who also runs U.S. carmaker Chrysler, said the Melfi factory would be modernized to reach a daily capacity of 1,600 vehicles.
Monti welcomed the investment as a sign of trust in Italy's future.
Source: http://news.yahoo.com/fiat-announces-1-3-bn-investment-suvs-131039042--finance.html
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