Chrysler announced today that they will be investing $1.7 billion in the development and production of a new Jeep SUV, $500 million of which will go to Chrysler’s Toledo, OH assembly plant.

As a result of the expansion, the Toledo complex plans to add a second shift of production, which will translate into about 1,000 new jobs. The remainder of the $1.7 billion will be invested in other Chrysler facilities in the U.S., including supplier tooling and other related development costs, reports Chrysler.

"Earlier this year, I promised that I would have good news to share about our Toledo operations, so I am pleased to be able to make this announcement, which further demonstrates our commitment to the special relationship that Chrysler and the City of Toledo have shared." said Chrysler Group Chairman and CEO Sergio Marchionne in a statement. 

“Over many decades, Chrysler has become a part of this community's fabric. With this investment and the addition of more than a thousand jobs, we continue to play our part in contributing to the city's industrial and social development.”

Construction on the Toledo plant will begin this year and continue through 2012, with the second shift scheduled to begin in the third quarter of 2013.

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