Ford investing $1.2B in 3 Michigan plants, adding 130 jobs

Reuters

Ford Motor Co. plans to invest $1.2 billion in its MI plants, and President Trump was quick to take credit - even before the announcement was official.

The three investments are all part of a package that Ford is presenting to the state of MI today, seeking about $30 million in tax abatements and other savings over the next 15 years. Ford revealed at the North American International Auto Show in January that it planned to resurrect the fan favorites, which have been retired from the USA market for many years.

Trump tweeted early Tuesday, "Big announcement by Ford today".

The likeliest candidates to see added downtime will be some of Ford's vehicle plants, including Michigan Assembly in Wayne and Cuautitlan Assembly in Mexico.

Ford Motor Company is investing $1.2 billion in three MI manufacturing facilities to strengthen its leadership in trucks and SUVs and support the company's expansion to an auto and mobility company.

$850 million will go to its Michigan Assembly Plant, which will be retooled in order to make room for the new Ranger midsize pickup and Bronco SUV.

The News said its not clear how many jobs will be created or the total dollar amount of the investments. In January, Ford said it was spending $700 million and adding 700 new jobs to build a data center at its Flat Rock Assembly Plant.

- This report was updated at 10:32 a.m.

"We didn't cut a deal with Trump", Ford CEO Mark Fields told CNN at the time.

In today's truck-centered US model, analysts say, that strategy is far more likely to retain and even grow jobs.

The announcement brings Ford's total to $1.9 billion in new investments in MI this year. "JOBS! JOBS!" Trump tweeted early Tuesday.

The automaker plans to invest $9 billion in USA facilities through 2019, resulting in 8,500 new or retained jobs, according to the 2015 contract. "We think it's very consistent with the pro-growth initiatives that hopefully the White House and Congress will be able to bring forward to the economy".

Ford Chief Executive Officer Mark Fields has made several visits to the White House to meet with the president, and investment announcements by automakers have become fodder Trump cites as evidence he's helping the USA economy.

State Sen. Hoon-Yung Hopgood (D-Taylor) lauded the Michigan Strategic Fund's decision to authorize financial incentives for Ford after they cemented plans to expand the Flat Rock plant. It's unclear if Ford's announcement is the same news teased by Trump.

In January, the USA auto giant said it would cancel a $1.6bn plant it had planned to build in Mexico. "I will continue to fight for a conservative bill to repeal Obamacare and rebuild a people-first health care system", said Rep. Richard Hudson (R-NC).

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