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Ford Cancels $1.6 Billion Worth Factory Deal In Mexico
Ford has cancelled a deal worth $1.6 billion to build a factory in Mexico, and will invest $700 million in the US.
American carmaker Ford has said that the company will cancel a $1.6 billion factory deal in Mexico, and instead invest $700 million for a factory at Michigan, after undergoing criticism from Donald Trump.
The US carmaker will build electric cars, hybrid, and autonomous cars in its new plant in Michigan. Trump, during his election campaign said, if elected, he would not allow Ford to open the new plant in Mexico and would slap hefty tariffs taxes on imported Ford vehicles.
A source from Ford said that the Trump team was informed about the decision, and was influenced by Trump's policy goals such as lowering taxes and regulations.
Mark Fields, the CEO of Ford Motor Company said that the carmaker will build a fully electric SUV that will have a range of 300 miles (482km). The electric SUV will be built at Ford's Michigan plant by the year 2020.
Also, Ford will start production of a fully autonomous vehicle by the year 2021, that will not have a steering wheel or a brake pedal, which will be put to use in ride services fleets.
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