Followers | 174 |
Posts | 131299 |
Boards Moderated | 7 |
Alias Born | 07/02/2005 |
Tuesday, April 05, 2016 11:51:16 AM
DETROIT (AP) — Ford Motor Co. plans to build a new $1.6 billion auto assembly plant in Mexico, creating about 2,800 jobs and shifting small-car production from the U.S. at a time when moving jobs south of the border has become a major issue in the U.S. presidential campaign.
The company announced the plant in the San Luis Potosi state Tuesday without saying specifically what cars it will build there. But the United Auto Workers union has said Ford plans to shift production of the Focus compact and C-Max small gas-electric hybrid from suburban Detroit to Mexico, where the cars can be made cheaper and more profitably.
The UAW's new four-year contract with Ford, signed last year, guarantees new vehicles for the Wayne, Michigan, assembly plant in 2018 and 2020 and a $700 million investment that preserves the plant's 3,924 jobs. Union members have said they expect the factory to get a new version of the Ranger small pickup and a new small truck-based SUV called the Bronco.
Ford announced the move on the day of the key Wisconsin primary. Outsourcing jobs has been become a campaign issue largely because of Republican front-runner Donald Trump, who has railed about corporate America moving jobs to Mexico to take advantage of what he calls a lopsided trade agreement. He has vowed to rewrite the 1994 North American Free Trade Agreement, tax imports and punish U.S. companies including Ford.
Auto and other manufacturing jobs having been moving south for years. Mexican auto production more than doubled in the past decade, and the consulting firm IHS Automotive expects it to rise another 50 percent to just under 5 million by 2022. U.S. production is expected to increase only 3 percent, to 12.2 million vehicles, in the next 7 years.
Joe Hinrichs, Ford's president of the Americas, said Ford is a global automotive company that builds cars where it makes the most sense for the business. He confirmed that the new plant would build small cars starting in 2018. "We've talked about improving our small-car profitability and this is an important part of that," he said Tuesday in an interview with The Associated Press.
Trump began criticizing Ford since last summer after the company said it planned to invest $2.5 billion in engine and transmission plants in Mexico. Hinrichs said the timing of the plant announcement had nothing to do with the presidential race, but instead with the timing of construction, due to start this summer.
http://www.sandiegouniontribune.com/news/2016/apr/05/ford-to-build-small-car-factory-in-mexico-adding/
Recent F News
- Apple Joins OpenAI Board, Logitech President Opts Out of Reelection, and More News • IH Market News • 07/03/2024 10:59:39 AM
- Is the Future Electric? Five Nickel Investments to Know About • AllPennyStocks.com • 07/02/2024 11:50:00 PM
- Honeywell Acquires CAES Systems for $1.9 Billion, Sarepta Therapeutics Surges 34%, Gilead Continues Gains • IH Market News • 06/21/2024 12:00:38 PM
- Adobe Soars 15% Pre-Market; Visa and Mastercard Encounter Hurdles in $30 Billion Agreement, and More • IH Market News • 06/14/2024 11:21:47 AM
- Tesla Surges 5% in Pre-Market; Virgin Galactic Drops 9% Following Reverse Stock Split, and More News • IH Market News • 06/13/2024 11:24:25 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/12/2024 09:50:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/12/2024 09:49:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 08:20:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:58:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:57:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:57:43 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:57:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:57:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:56:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:56:43 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:56:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:56:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/05/2024 08:55:57 PM
- Form 11-K - Annual report of employee stock purchase, savings and similar plans • Edgar (US Regulatory) • 06/05/2024 08:03:48 PM
- Form 11-K - Annual report of employee stock purchase, savings and similar plans • Edgar (US Regulatory) • 06/05/2024 08:02:35 PM
- Apollo Buys 49% of Intel’s Irish Plant for $11bn, BlackRock and Citadel to Create Texas Exchange, and More News • IH Market News • 06/05/2024 11:41:36 AM
- Colorado Ford Dealers Secure Naming Rights to New Outdoor Amphitheater in Colorado Springs, Colorado • GlobeNewswire Inc. • 06/05/2024 10:30:00 AM
- Colorado Ford Dealers Secure Naming Rights to New Outdoor Amphitheater in Colorado Springs, Colorado • PR Newswire (US) • 06/04/2024 10:03:00 PM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/31/2024 08:18:24 PM
- DJT Stock Falls 6% Post-Trump Conviction; UBS Restructures Senior Management for CEO Succession and More News • IH Market News • 05/31/2024 11:54:10 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM