April 6, 2016 / 8:02 AM / 3 years ago

Fiat Chrysler to invest $500 million to revamp Argentina plant

Argentina's President Mauricio Macri (L) looks at Fiat brochure next to Sergio Marchionne, CEO of Fiat Chrysler, during a visit to a Fiat plant near Cordoba, Argentina, April 5, 2016. REUTERS/Argentine Presidency/Handout via Reuters

MILAN (Reuters) - Fiat Chrysler Automobiles (FCHA.MI) will invest $500 million to revamp its Cordoba plant in Argentina where a new model will be produced next year.

The new model will be launched in the second half of 2017 and, once fully operational, the plant will have a total production capacity of more than 100,000 vehicles per year.

“We have decided to install a new modular platform for the production of a completely new model that will only be produced at this plant, with the majority of production destined for export,” FCA Chief Executive Sergio Marchionne said at a ceremony on Tuesday in Argentina that was also attended by Argentine President Mauricio Macri.

More than 80 percent of the production will be destined for exports, primarily to markets in Latin America.

Reporting by Agnieszka Flak; Editing by Crispian Balmer

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