Fiat invests €1 billion in Maserati SUV

Italian car maker Fiat is planning to invest about 1 billion euros for the production of Maserati SUVs at its Turin Mirafiori factory in Italy by the end of 2014. Fiat intends to lay off 5,300 workers to optimise the plant for the SUV and will develop a single luxury-car unit by combining its Mirafiori and Grugliasco plants.

In an agreement with unions, the company will produce models from the Maserati and Alfa Romeo brands to fill capacity at its under-used factories, in order to rehire all its Italian workers by 2016.

Currently the company plans to extend a period of temporary unpaid leave for workers at its Mirafiori plant. Re-tooling at the plant will take place after an existing agreement expires at the end of this month.