President Joe Biden is scheduled to meet with the President of the United Auto Workers (UAW), Shawn Fain later this week. The meeting is to highlight and celebrate the decision of Stellantis NV (NYSE:STLA) to reopen an assembly plant in Illinois.
What Happened: As reported by Reuters, Biden’s meeting with Fain is set for Thursday, marking the occasion of Stellantis’ decision to reactivate a previously closed assembly plant in Belvidere, Illinois.
The Chrysler-parent company has committed to a new $3.2 billion battery plant and a $1.5 billion investment in a mid-size truck factory in Illinois, aiming to add 5,000 total U.S. jobs by 2028.
Stellantis had shuttered the Belvidere assembly plant back in February and now plans to produce 80,000 to 100,000 mid-size trucks annually starting from 2027. The battery plant, set to open in 2028, will be a joint venture with an unnamed partner.