Ford Motor Company shares were higher 2% on Tuesday as the car marker said it is investing around $700 million to expand its Flat Rock assembly plant in Michigan into a factory that will build autonomous and electric vehicles along with the Mustang and Lincoln Continental.
The company said the expansion will create 700 direct new jobs. The plan is part of a total $4.5 billion investment in electrified vehicles by 2020. It said the $700 million comes from $1.6 billion that Ford previously had planned to invest in a new plant in Mexico. It said the next generation Focus will be built at an existing plant in Hermosillo, Mexico.
Ford provided details of seven of the 13 new electric vehicles that it plans to introduce in the next five years, including hybrid versions of the F-150 pickup and Mustang in the U.S., a plug-in hybrid Transit Custom van in Europe and a fully electric SUV with an expected range of at least 300 miles for customers globally.