Ford to invest $3.7 billion
A visitor is reflected as he takes pictures of a new Ford Aspire car during its launch in New Delhi, India, October 4, 2018. PHOTO: REUTERS
Ford Motor Co on Thursday said it will invest $3.7 billion in assembly plants in Michigan, Ohio and Missouri for production of both electric and gasoline-powered vehicles.
Ford, whose shares were up 2.4% in afternoon trading, said $2.3 billion of the total investment will be spent on EVs, part of the $50 billion in EV spending through 2026 it had previously outlined.
Ford officials said the company will receive incentive packages of about $150 million and about $200 million from Michigan and Ohio, respectively.
As part of the investments, the Michigan-based automaker said it will add more than 6,200 hourly jobs and convert 3,000 temporary workers into full-time employees who will receive healthcare benefits and higher pay. It also will add a new electric commercial vehicle to its lineup mid-decade.
Published in The Express Tribune, June 3rd, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.