While hosting President Obama, Chrysler confirmed that they are looking to invest $843 millions into their Kokomo's transmission manufacturing facilities. This investment would allow the American company to accommodate production of a new front-wheel drive automatic transmission for future Chrysler Group vehicles and to retain 2,250 U.S. Jobs.
When combined with previously announced investments totalling $343 millions in the same plant, this potential new investment would make the total amount invested in Kokomo rise to $1.1 billion. However, this project is conditional to Kokomo City Council's approval of Chrysler Group's tax abatement application on Dec. 13, 2010.
Once approved, the investment will fund the installation of equipment and special tooling to modernize the Indiana Transmission Plants and the Kokomo Casting Plant. The project would extend the life of these manufacturing facilities and give Chrysler a head-start on its new front-wheel drive transmission, which will be made with Friedrichshafen.
Sergio Marchionne, Chrysler Group's CEO, stated that “for years, Kokomo has been at the center of our powertrain strategy and the potential of an additional investment reaffirms that position. When introduced, this new front-wheel drive transmission, along with the previously announced eight-speed transmission we will also produce in Kokomo, will transform our future products and position us as leaders in the marketplace”.
When combined with previously announced investments totalling $343 millions in the same plant, this potential new investment would make the total amount invested in Kokomo rise to $1.1 billion. However, this project is conditional to Kokomo City Council's approval of Chrysler Group's tax abatement application on Dec. 13, 2010.
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| Photo: Chrysler |
Once approved, the investment will fund the installation of equipment and special tooling to modernize the Indiana Transmission Plants and the Kokomo Casting Plant. The project would extend the life of these manufacturing facilities and give Chrysler a head-start on its new front-wheel drive transmission, which will be made with Friedrichshafen.
Sergio Marchionne, Chrysler Group's CEO, stated that “for years, Kokomo has been at the center of our powertrain strategy and the potential of an additional investment reaffirms that position. When introduced, this new front-wheel drive transmission, along with the previously announced eight-speed transmission we will also produce in Kokomo, will transform our future products and position us as leaders in the marketplace”.