💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Ford to add jobs to boost output of electric F-150, add electric van

Published 11/10/2020, 08:39 AM
Updated 11/10/2020, 10:45 AM
© Reuters. FILE PHOTO: Ford Motor Co. displays a 2021 Ford F-150 pickup truck at the Rouge Complex in Dearborn, Michigan
GM
-
F
-
TSLA
-

By Joseph White

DETROIT (Reuters) - Ford Motor Co (N:F) said on Tuesday it plans to hire 350 more U.S. workers to expand production capacity for its electric F-150 pickup truck in Michigan and add assembly of electric commercial vans at a plant near Kansas City, Missouri.

The company said it also will add a second vehicle at the Mexican factory that is already set to build the Mustang Mach-E electric sport utility vehicle. Ford did not disclose how many people would be hired to build the additional vehicle in Mexico, which would "share a similar electrifed platform" as the Mach-E.

Ford will invest $150 million to add production of electric vehicle motors and transaxles at a transmission factory in suburban Detroit, retaining 225 jobs.

The automaker's latest electric vehicle investments are part of an $11.5 billion plan mapped out through 2022. Ford has promised the United Auto Workers union that it will invest $6 billion in U.S. factories to build electric vehicles.

Ford will increase production capacity for an electric version of its F-150 large pickup by 50% from its original plans, adding another 200 permanent jobs at a complex near its headquarters in Dearborn, Mich. Those jobs would be on top of 300 jobs previously promised for the electric F-150 line.

The electric F-150, scheduled to go on sale in 2022, will compete with electric pickups planned by Tesla Inc (O:TSLA), General Motors Co (N:GM), Fiat Chrysler Automobiles NV (MI:FCHA) and several startup companies, in a segment that was not on most automakers' product plans just a few years ago.

Kumar Galhotra, president of Ford's Americas and International Markets groups, said the decision to boost electric F-150 output was taken after the truck's debut in June.

Based on the response to the work-oriented electric truck from government agencies, commercial fleets and individual buyers, "we started working on a substantial increase," Galhotra said in an interview.

Galhotra did not say how many electric F-150s Ford will be able to build.

Ford will invest $100 million and hire 150 workers to build electric versions of its Transit commercial van, scheduled to go on sale in 2022. The electric Transit will enter a field that is racing from virtually non-existent to crowded as established automakers and startups compete to respond to demand from e-commerce delivery companies for electrically driven and digitally connected vehicles.

© Reuters. FILE PHOTO: Ford Motor Co. displays a 2021 Ford F-150 pickup truck at the Rouge Complex in Dearborn, Michigan

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.