Fiat Chrysler Automobiles (FCA) on Tuesday said it will invest USD 250 million (nearly Rs 1,825 crore) in India for production of four new Jeep SUVs in order to expand its local product lineup.
The company, which has already committed USD 450 million in its Indian operations over the past five years, said the four new products would be launched in India by the end of 2022.
"The all-new local vehicle line-up includes the 2021 made-in-India Jeep Compass, a locally produced and global-first three-row Jeep SUV, as well as the iconic Jeep Wrangler and next generation Grand Cherokee flagship, which will both be locally assembled in FCA's joint venture manufacturing facility in Ranjangaon," FCA India said in a statement.
Commenting on the development, FCA India Managing Director, Partha Datta said, "our new investment of USD 250 million will give us a competitive edge in multiple segments with our new Jeep SUVs rolling out of Ranjangaon." He further said, "this investment is in addition to USD 450 million we have already committed to our Indian operations over the past five years. We are delighted to announce our exciting new products, coupled with our continued commitment to India in Jeep brand's 80th anniversary year." Datta said FCA India is determined to increase locally-made componentry in its vehicles which are produced in the joint venture manufacturing facility.
"Our plans in India are aimed at increasing the value proposition for customers through our products and services, working hard on customer satisfaction and unlocking business opportunities for our business partners," he added.
Recently FCA had announced USD 150 million to set up a Global Digital Centre in Hyderabad. The automotive group also expanded its engineering operations recently and had stated that it would be creating at least 1,000 new jobs by the end of 2021.
In 2015, FCA invested in the local development and production of the Jeep Compass in Ranjangaon, Maharashtra. In addition, it also upgraded powertrains to meet BS-VI regulations and invested in transmission and drive-line development for product configurations offered in India.