Economy

Ford Electric Crossover Production Moving to Mexico

Ford Electric Crossover Production Moving to Mexico

Just months after Ford cancelled plans to build a plant in Mexico and not move some vehicle production south of the border, the automaker says it plans to shift future production of an electric vehicle from MI to Mexico.

"You're starting to see the foundation of Ford's bet on A-V's (autonomous-drive vehicles)".

Answering a challenge from GM which last week announced plans to have autonomous vehicles on the road by 2019, Ford is detailing plans for its own all-new AV which will be built at a plant in MI. "We are hiring and investing in the USA", he said. It will add 250 more jobs above the 700 that had been promised earlier. Production of the electric SUV is expected to start in 2020, while the autonomous vehicle will start rolling off the production line in 2021.

While President Trump won't be happy about Ford's decision to move production to Mexico, Ford does say that the decision to build the autonomous vehicle in MI will see it invest $200 million in the Flat Rock plant. During his campaign and early in his presidency, Trump frequently criticized US automakers, singling out Ford multiple times, for plans to build factories outside of the U.S. Former CEO Mark Fields said then the company would instead invest $700 million at Flat Rock to make an electric SUV and a hybrid-electric autonomous vehicle.

How Many CBS Corporation (NYSE:CBS)'s Analysts Are Bearish?
Hence the difference between Predicted EPS and Actual EPS reported is $0.04/share which shows an Earnings Surprise of 3.7 Percent. Chieftain Capital Management Inc sold 49,416 shares as the company's stock declined 6.13% while stock markets rallied.

After Trump was elected, Ford canceled plans to build a new assembly plant in Mexico and later said it would cancel plans to move production of the Lincoln MKC crossover utility vehicle from Louisville to Mexico. In a Wednesday evening blog post, Jim Farley, Ford executive vice president and president of global markets, wrote that the new vehicle will be "commercial grade" and "designed for goal".

For now, Ford is not revealing many details about the autonomous-drive vehicle it plans to build in MI except that it will have commercial grade performance and durability.

So while some Ford jobs look to be heading to Mexico, more are coming to the U.S.as well.

Farley wrote Ford will supply vehicles to partners based on the partners' needs. It isn't clear if this autonomous model will even be sold to individual customers.


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