Fiat announces $1.3 BN investment for new SUVs

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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-12-20-Italy-Fiat/id-f5d32dfb95744b57aa8291da86294c38

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