Ford to announce "significant" investment in three plants?
Three Ford factories in Michigan could receive over a billion dollars, according to sources.
A new report finds Ford is preparing to announce it's making a significant investment to update three of its factories in the state of Michigan.
The money will go to the Michigan Assembly Plant, the Flat Rock Assembly Plant, and the Romeo Engine Plant, according to The Detroit News. The publication states it's too early to tell how many jobs will be created or retained.
The announcement will come shortly after President Donald Trump and his team asked top executives from Ford, Fiat-Chrysler Automobiles, and General Motors to create more jobs in the United States. However, it's likely not a direct response to the request.
A contract signed two years ago by Ford and the United Auto Works (UAW) union sheds insight on the planned investment. In 2015, the Blue Oval promised the Michigan Assembly Plant will receive $700 million to produce the 2019 Ranger and the 2020 Bronco, two new additions to its lineup. Flat Rock -- which builds the Mustang (pictured) and the Lincoln Continental -- will get $400 million, and Romeo will benefit from $150 million, according to the same contract.
If the report is accurate, we'll bring you full details about the investment in the next few hours.