Ford To Add 3,000 Jobs With $1.45B Investment In Detroit Area
Zacks Investment Research | Dec 17, 2019 09:31PM ET
Ford Motor Company (NYSE:F) recently announced its plans to make an investment of more than $1.45 billion across two manufacturing facilities in the Detroit area to make electric, autonomous and sports utility vehicles. With this investment, the automaker also expects to add 3,000 jobs.
The company looks forward to invest $750 million in its Wayne, MI-based facility, in order to manufacture Bronco and Ranger sports utility vehicles and pick-up trucks. It also plans to hire 2,700 workers over the next three years at this facility.
The remaining $700 million will be used to produce electric and hybrid versions of the F-150 truck at Ford’s Dearborn plant. The company anticipates to employ 300 people in 2020 for the same purpose.
Moreover, Ford aims to assemble battery cells for the F-150 hybrid and all-electric F-150 with the creation of a new Dearborn operation.
Meanwhile, Ford is actively working to introduce fresh models of autonomous and electric vehicles, which seem to be the future of the auto industry. These initiatives are likely to boost the company’s prospects. The firm plans to produce self-driving cars by 2021. Moreover, it intends to launch 30 vehicle models in China by 2025, of which one third will be electric vehicles (EVs).
Year to date, shares of Ford have outperformed theOriginal post
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