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Photo: Marco Bertorello/AFP/Getty Images
Fiat Chrysler announced a $4.5 billion investment plan to build its next generation of SUVs in Detroit, a move that would open 2 new plants and add 6,500 jobs to the city and its surrounding areas, the AP reports.
Why it matters: The plan would open the first new auto plant in Detroit, the traditional heart of the U.S. automotive industry, since 1991. It also highlights the unyielding demand for SUVs, which accounted for 72% of new vehicles sold in the U.S. last month and — along with trucks — could make up as much of 80% of Fiat Chrysler's revenue by 2022, according to the company's CFO.