Story at a glance
- Ford announced a billion-dollar investment in two manufacturing plants near Detroit, slated to create 3,000 new jobs.
- The money will be divided between two plants, both of which will work on creating electric parts for cars.
- This investment comes as auto sales tick up for the U.S. and demand for electric cars rises.
Storied U.S. automaker Ford Motor Co. is slated to add 3,000 jobs to the Detroit area, accompanied by a total of $1.45 billion in capital investment, according to reports.
The funding will be split between two manufacturing sites: in Wayne, Michigan, a suburb of Detroit, the Michigan Assembly Plant will receive $750 million, and approximately 2,700 jobs will be created over the next three years. This plant will focus on manufacturing the new Ford Bronco SUV and a new Ranger small pickup truck.
The remaining $700 million will be invested in a truck plant in Dearborn, Michigan, with an accompanying 300 new jobs. This plant will make the new F-150 and electric versions. The F-150 is reportedly the top-selling vehicle in the U.S.
Auto sales have ticked up recently, keeping an industry pace of 17 million units for all of 2019 versus analyst forecasts of 16.8 million, according to Forbes. Interest rates remain low, and Ford sees this investment as a way to compete with new propulsion and autonomous vehicle technology.
Both plants will focus on creating electric and hybrid cars as demand is projected to increase through the next coming decades.
Hiring at the plants will begin next year.