Ford to Create Thousands of Factory Jobs, Invest $3.7 Billion in EV, Gas-Engine Production - 03 iunie 2022
Ford Motor Co. (US.F) plans to add 6,200 union manufacturing jobs and invest $3.7 billion into plants in Michigan, Ohio and Missouri, as it looks to expand vehicle production and prepare for coming labor talks. The multibillion-dollar investment will go to retooling factories to build newer versions of gas-engine models, such as the Ford Ranger pickup and Mustang sports car, the auto maker said Thursday. Ford also plans to expand production of its electric F-150 Lightning in Michigan, as well as add an all-electric commercial van to its assembly factory in Missouri. Ford beat out EV competitors with the April launch of the F-150 Lightning, an electric version of its iconic gas-engine pickup. Vehicles from General Motors Co. (US.GM) and Stellantis (FR.STLA) trail—GM’s electric Silverado pickup is expected to be available in about a year, and Stellantis’s Ram is targeted for a 2024 rollout. Last year, Ford shared plans to build two battery factories in Kentucky and a third in western Tennessee, as well as a new truck factory—an $11.4 billion investment with collaborator SK Innovation, a South Korean battery maker. Stellantis recently shared a $2.5 billion plan to build a battery plant in Indiana to support electric-vehicle production. Foreign auto makers are also increasing investment outside of Michigan. Hyundai Motor Group (DE.HYU) said last month that it plans to build a $5.5 billion EV manufacturing complex in Georgia. Toyota Motor Corp. (US.TM) previously disclosed plans to build a battery plant in North Carolina. GM has recently invested in electric-vehicle production in the Great Lakes region. The car maker shared plans to convert a Detroit factory into an EV production center, as well as build a battery-cell plant, earlier this year.