New $1.5 billion investment from Fiat Chrysler to build EVs in Canada

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Fiat Chrysler Automobiles (FCA) will invest up to $1.5 billion to upgrade its assembly plants in Windsor and Oakville, Ontario to build electric vehicles (EVs).

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The investment is part of a tentative agreement that was reached Thursday between the automaker and the union representing Canadian autoworkers, Unifor.

According to Unifor National President Jerry Dias, FCA will invest in a state-of-the-art EV platform that could be used for either battery electric or plug-in hybrid vehicles.

Initial plans call for the first vehicle to roll off the new assembly line in 2025. Up to 2,000 new jobs will be created by 2024, reports Reuters.

Autoworkers will meet to discuss the terms over the next few days, and vote to ratify the agreement on Sunday.

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The new deal with FCA comes just three weeks after Unifor signed a similar deal with Ford Motor Company. That agreement will see Ford invest $1.95 billion to upgrade its Oakville Assembly Plant.

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