Chrysler plans to invest $1.7 billion dollars in a new Jeep program, that will first roll out a replacement for the current Jeep Liberty.
The new Jeep is intended for a global market.
The investment includes a $500 million re-tooling of the Jeep Liberty Assembly plant in Toledo.
The investment means 1,100 new jobs at the Jeep Assembly Plant starting in 2013.
Fiat and Chrysler CEO Sergio Marchionne says the new Jeep should help tap growing overseas markets, like China, the world’s largest car market. He says the Jeep brand is already taking off in Europe.
"I have similar expectations for Jeep especially in the eastern part of Europe – Russia," Marchionne told a group of reporters after a press conference at the plant. "It (Jeep) is best brand that Chrysler owns, by far."
The new SUV could still bear the Liberty name. Marchionne says there could be at least one other "top-hat" built onto the new platform, and eventually, the plant could build up to four different models of Jeeps.
The new Jeep will combine a Fiat chassis, or underlying platform with a Chrysler design and engine.