Ford said Tuesday it will invest $1.2 billion in Michigan at three locations, including $850 million at its Michigan Assembly plant to make the new Ford Ranger and Ford Bronco, as the USA market continues to shift from a auto market to a truck and SUV market.
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.
Even though plant construction was called off, the company said, production of the Focuses would still move south of the border.
Trump hinted then that a big auto industry announcement was coming last week, though it did not appear to happen.
- Ford Motor Company announces it is investing $1.2 billion into three MI facilities.
The data center is also needed because the Michigan-based company expects data usage to increase 1,000 percent in the coming years.
Ford will dedicate $850 million to reviving the Bronco and Ranger lines, $200 million to another facility that builds Mustangs, and $150 million to an engine plant, the company announced. It is unclear how many jobs will be created, or the total dollar amount.More news: Sushant Singh Rajput turns spy for Romeo Akbar Walter or RAW
Last week, Ford said it expected higher investments, as well as other spending, to weigh on 2017 earnings.
Ford promised in the contract to invest $9 billion in US plants over a four-year period ending in 2019.
"We've been working on this now for quite a number of months and I think we're starting to form some interesting points of view in terms of the direction that we might take".
Mr Trump has at times promoted job announcements at the White House that had been previously planned or announced. "JOBS! JOBS!", Trump tweeted hours ahead of the announcement.
Ford is on the agenda for a board meeting later this morning for the Michigan Strategic Fund, which makes decisions about tax incentives for economic development projects in the state. Trump repeatedly has pushed automakers and other manufacturers to build factories in the U.S.
"We have not paid off all the DOE loans; we're paying them on the schedule that was originally agreed to with the government", Hinrichs said.
Thats according to The Detroit News, which reports three anonymous sources familiar with the automakers announcement.