American-Italian car manufacturer Fiat Chrysler Automobiles NV (FCA) will invest $250mn at its India unit to increase its presence in the country and launch four new SUVs, as per media reports citing a statement by the company.
The company is expected to launch four new sport-utility vehicles (SUVs) under its Jeep brand in the next two years.
The investment will be used to locally produce a mid-size, three-row SUV, assemble the Jeep Wrangler and Jeep Cherokee vehicles and launch a new version of its Jeep Compass SUV in India.
Currently, the company attributes to 1pc of the country’s total sales. By adding more models to its portfolio, the company aims to boosts sales and is determined to increase local sourcing of components, achieve better economies of scale, and reduce costs.
FCA recently announced its merger with French auto company Peugeot.