Executive VP Joe Hinrichs said the demand for SUVs has increased globally and Ford is keeping up by updating the Navigator and Expedition models. The Kentucky plant will add 1,000 hourly jobs to its current workforce of over 7,000.
Ford also said in the statement that it is revamping the smaller Focus model to be more spacious and higher-tech. It's opening a plant in China to build Focus models instead of following through on previous plans to build the cars in Hermosillo, Mexico.
None of the U.S. workforce is to be affected by the move to source from China. Focus models were previously manufactured in a Michigan assembly plant, but the plant will discontinue Focus models in mid-2018 to build Ranger truck and Bronco SUV models instead.
Ford shares were down almost 1% on Tuesday morning.
What's Hot On TheStreet
TheStreet's Lindsay Rittenhousewent shopping online at Ohio stores to see how Whole Foods stacked up against Walmart Stores Inc. (WMT) - Get Walmart Inc. Report and rival grocer Kroger (KR) - Get Kroger Co. Report . While the results may not be shocking, they show just how much Amazon will have to cut for Whole Foods to be on equal footing with some of its competitors.
The cost of eight everyday food items at Whole Foods, TheStreet found, were nearly double those of the ones at Walmart, but Kroger undercut them both. Whole Foods' basket cost $38.29; Walmart's, $19.86; and Kroger's, $16.58.
With data as shocking as this, it's no wonder Whole Foods founder John Mackey is in love with Amazon.
Tesla's stock is out of control: Tesla Inc. (TSLA) - Get Tesla Inc Report shares are expected to have a strong session amid reports Elon Musk's electric car baby may open a new production facility in China. Such a move would avoid tariffs in the world's second-largest economy, but risk the ire of U.S. President Donald Trump's "buy American, hire American" industrial policy, TheStreet's Martin Baccardax reports.
Tesla's market cap is now more than $60 billion and climbing, despite the company continuing to lose money. Ford's (F) - Get Ford Motor Company Report market clocks in at $44.7 billion, while General Motors (GM) - Get General Motors Company Report stands at $51.9 billion.
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