Ford (F) - Get Free Report said Tuesday that it will invest nearly $1.45 billion at two of its manufacturing facilities in the Detroit area to build electric, autonomous and sports utility vehicles, and add 3,000 jobs.
Shares were off slightly Tuesday at $9.32.
The Dearborn, Michigan-based automaker said that about $750 million will be directed to the Michigan Assembly Plant in Wayne. Ford said 2,700 jobs will be added at the location during the next three years.
In addition, Ford said, $700 million will be invested in the truck plant in Dearborn. Three hundred new jobs will be added.
"We’re proud to announce an investment of over $1.45 billion in two southeast Michigan manufacturing facilities," Ford said on Twitter.
The investment for the Wayne plant will be used to build the new Ford Bronco SUV, as well as an all-new Ranger small pickup truck, the company said, while the Dearborn plant will get the next generation of the F-150, as well as hybrid and electric versions of the truck.
Workers at the Wayne plant will modify and finish Ford’s first autonomous vehicles starting in 2021, including the installation of self-driving technology and interiors built for autonomous travel, Ford said in a statement.
The investment also will go toward a new modification center to support autonomous vehicles and other vehicles.
The truck plant in Dearborn will build the new trucks as well as assemble battery cells into full packs for the hybrid and electric F-150s.
“At Ford, we are investing aggressively in building on our strengths today - including trucks and SUVs - while at the same time expanding our leadership into electric and autonomous vehicles,” Ford Automotive President Joe Hinrichs said.
“The UAW is proud of Ford’s commitment to manufacturing in the United States and in Michigan,” UAW President Rory Gamble said in statement. “This is a direct result of the 2019 collective bargaining process, providing additional jobs - and job security - for UAW members in Southeast Michigan.”
Last month, Ford unveiled its new, all-electric, Mustang Mach-E SUV challenger to Tesla ahead of the 2019 Los Angeles Auto Show. The Mustang design-inspired car is part of Ford's $11.5 billion push to develop electric and hybrid models by 2022.