Ford; to invest over $3.7 Billion in EV expansion!
Auto maker’s expansion plans are an alarming bell for Tesla and other EV auto-makers!
Ford plans to add 6,200 union manufacturing jobs and invest $3.7 billion into plants in US as it looks to expand vehicle production and workforce doubling on production of big sellers such as its F-series pickup truck.
The multi billion-dollar investment will go to retooling factories to build newer versions of gas-engine models, such as the Ford Ranger pickup and Mustang sports car, the auto maker said on a tweet
*Ford tweet on latest investment pledge
6,200 new UAW-Ford jobs in the Midwest, ~3,000 temp. employees converted to permanent full-time with healthcare benefits, and $1B invested over 5 years to improve the workplace environment in U.S. plants. #BuiltForAmerica #BuiltFordProud pic.twitter.com/JkN5IqZGOU
— Ford Motor Company (@Ford) June 2, 2022
Ford, plans to expand production of its electric F-150 Lightning in Michigan, as well as add an all-electric commercial van to its assembly factory in Missouri.
- As part of the workforce expansion, auto maker said it plans to convert 3,000 temporary workers to full time.
Companies across many industries are competing in a tight labor market. The Labor Department on Wednesday said U.S. job openings remained close to record levels in April, as workers are continuing to quit at an elevated rate.
The hot jobs market is driving up wages at a historically high rate and contributing to the highest inflation in four decades.
*Ford tweet on Pick EV F150 Lightning
Assembled in the USA, with the latest advanced manufacturing tech and a highly skilled UAW team, the all-new electric #F150Lightning is charged and ready for customers across America. #BuiltFordProudhttps://t.co/WeLaOnh1PG pic.twitter.com/UEpmBxcEmy
— Ford Motor Company (@Ford) April 30, 2022
Ford’s workforce additions come as supply-chain issues have at times stalled production for the auto maker.
Many Ford plants have shut down for days or a week, affecting manufacturing of Ford’s trademark vehicles, including the top-selling F-150 pickup truck.
Ford beat out EV competitors with the launch of the F-150 Lightning, an electric version of its iconic gas-engine pickup.
