NEW YORK (TheStreet) -- Shares of Ford (F) have been stalling in January. Joe Hinrichs, President of the Americas for Ford, told TheStreet's Ruben Ramirez the company plans to invest $80 million and add 350 jobs to its Louisville, Ky., assembly plant. The investment will allow Ford to boost production in the plant by 15%, which speaks for the heightened demand the company expects in 2014.
Although Ford's truck sales were up 20% in 2013, Hinrichs said the industries which need trucks are growing as well, including construction, housing and oil.
He added that the F-150 assembly plant in Dearborn, Mich., will come off-line for 11 weeks as it makes modifications for the new F-150, which will use much more aluminum than previous models.
While he admitted it was a lot of down time, Hinrichs said the company added a third shift to its Kansas City assembly line in order to compensate for the lower production of F-150s in Michigan. It should allow the company to keep its truck inventories at high enough levels to keep pace with customer demand.
Turning to sales, Hinrichs acknowledged that the brutal winter weather has likely negatively affected January auto sales for the company. However, he expects 2014 auto demand should remain strong.
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