KOKOMO, Ind. (WOWO): Chrysler is making a big investment in Kokomo.

More than one million of Chrysler's 8-speed transmissions have been manufactured in Kokomo, and the demand of fuel-efficient vehicles has led to an additional $266 million investment at two of it's four Kokomo plants.

On Monday, Kokomo Common Council approved a ten-year tax abatement of personal property taxes for the project. Kokomo Mayor Greg Goodnight said, “Chrysler’s investment is one in a series of recent indicators for Kokomo’s continued economic expansion.” He also said, “Kokomo is thriving. Our city’s economic development strategy and quality-of-life initiatives for all of Kokomo are intended to facilitate this type of private investment.”

Kokomo is now the world’s largest producer of transmissions. The company employs 7,600 people at its manufacturing facilities in Kokomo. Since 2009, Chrysler has invested more than $1.5 billion at its Kokomo transmission plants.