Stellantis NV (NYSE:STLA, EPA:STLA) announced late Tuesday that it will invest $13 billion to expand its manufacturing capacity in the American market over the next four years, its single largest investment in the US in company history.
The automaker said it expects the investment to create 5,000 new jobs in the US and lead to a 50% increase in annual vehicle production and five new vehicles.
The new jobs will be spread across plants in Illinois, Ohio, Michigan, and Indiana.
Company CEO Antonio Filosa noted that he anticipates the investment will also create 20,000 additional jobs at supplier companies contracted by Stellantis.
Stellantis owns the Chrysler, Dodge, Jeep, Fiat and Maserati brands in the US.
Stellantis' operations in the US include 34 manufacturing plants, parts distribution centers and research and development sites across 14 states.
The investment announcement will also result in the company moving future Jeep Compass production from the Brampton Assembly Plant in Ontario, Canada, to the Belvidere Assembly Plant in Illinois.
Stellantis shares rose 1.2% to $10.02 in New York trading on Wednesday.