Italian car maker Fiat is planning to invest approximately EUR1bn for the production of Maserati SUV at its Turin Mirafiori factory in Italy by the end of 2014.
Fiat will layoff 5,300 workers to optimize the plant for the SUV.
The company will develop a single luxury-car unit by combining its Mirafiori and Grugliasco plants.
Fiat CEO Sergio Marchionne said that it would make promised investments in Italian factories, according to minutes from a Rome meeting with union leaders.
UIL union leader Luigi Angeletti said: "We reached an accord with Fiat, which decided to free up investments in the Mirafiori factory where the Maserati SUV will be produced."
The carmaker plans to add upscale 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 furloughs for workers at its Mirafiori plant. Retooling at the plant will take place after an existing agreement expires at the end of this month, reported Automotive News.
