Ford (F) said Tuesday it will invest $1.2 billion in three of its Michigan factories, supporting 130 jobs in one plant that makes engines.
President Donald Trump cheered the move in an early morning tweet.
“Big announcement by Ford today,” Trump wrote. “Car companies coming back to U.S. JOBS! JOBS! JOBS!”
Ford plans to spend $850 million to retool the Michigan Assembly Plant in preparation for building the Ranger pickup truck and Bronco SUV. The Ranger will return to showrooms in 2019, the automaker announced in January, with production beginning in late 2018. The Bronco will begin rolling off the assembly line in 2020.
The Ranger and Bronco will replace production of small cars, which are moving from Wayne, Michigan, to a plant in Mexico.
Ford also said it will invest an additional $150 million at its Romeo Engine Plant located in a northern suburb of Detroit. The investment will help create or retain 130 jobs in Romeo, according to the company.
The remaining $200 million will go to a data center that supports Ford’s mobility and self-driving vehicle programs.
A majority of the investments were promised in Ford’s 2015 labor agreement with the United Auto Workers union.
During a speech in Detroit two weeks ago, Trump teased that an announcement related to the automotive industry was coming. However, a Ford spokesperson said the company informed the White House of its plans on Tuesday morning, just hours before the announcement became public.
Trump visited the Detroit area on March 15 to officially begin a review of Obama-era rules on fuel economy.
March 28, 2017, Fox Business