Ford to invest $3.7B for electric, gas-powered vehicles

By Ovunc Kutlu

ANKARA (AA) – The Ford Motor Company announced Thursday that it will invest $3.7 billion in three different US states to manufacture electric and gas-powered vehicles.

The Michigan-based American carmaker will invest $2 billion and create 3,200 jobs throughout its three assembly plants in its home state to increase production of its F-150 Lightning electric truck to 150,000 per year, to help manufacture its Ranger pickup and an all-new Mustang coupe, according to a statement.

A $1.5 billion investment will create 1,800 jobs and assemble an all-new electric vehicle starting in the middle of the decade in the state of Ohio, it said.

Another $95 million investment will be made in the state of Missouri where 1,100 jobs will increase the production of its commercial van Transit and a new e-Transit electric van.

Ford said it plans to invest $1 billion in the next five years to improve the workplace experience for manufacturing employees.

The investments come on top of Ford's $11.4 billion plan to build new battery manufacturing facilities in the states of Tennessee and Kentucky which was announced last September.

"We’re investing in American jobs and our employees to build a new generation of incredible Ford vehicles and continue our Ford+ transformation," President and CEO Jim Farley said in the statement.

Ford's shares were up 2.3% to $13.86 at 13.50 a.m. EDT on the New York Stock Exchange.