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Fiat Chrysler (FCAU) Stock Drops, Spending $500 Million to Renovate Argentina Plant

NEW YORK (TheStreet) -- Fiat Chrysler Automobiles (FCAU - Get Report) shares are retreating 2.99% to $7.14 in Wednesday's pre-market trading session after the company said it's investing $500 million to revamp its Cordoba plant in Argentina where it would produce a new vehicle for the Latin American market.

"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," CEO Sergio Marchionne said at a ceremony today in Argentina, according to Reuters.

The...


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