Ford To Create 6,200 Union Jobs, Invest $3.7 Billion in EV, Gas-Engine Production

workman manufacturing in a car factory.
gerenme / iStock.com

Ford announced it will invest $3.7 billion and add 6,200 new union jobs in Michigan, Ohio and Missouri as part of the company’s efforts to produce 2 million electric vehicles by 2026.

See: States Whose Economies Are Failing vs. States Whose Economies Are Thriving
Find: 11 Things You Should Never Buy at Walmart

The company added that these actions will provide immediate healthcare benefits to all hourly employees and convert 3,000 temporary employees to permanent full-time status ahead of schedule, according to a June 2 press release.

“Ford is America’s Number 1 employer of hourly autoworkers, and this investment only deepens our commitment to building great new vehicles — from an all-new Mustang to new EVs — right here in the U.S. in partnership with the UAW,” Bill Ford, executive chair of Ford, said in the release. “I am proud that we are investing in the Midwest and taking real action to provide better benefits and working conditions for our workers on the plant floor.”

Make Your Money Work Better for You

In addition, the company said it will invest $1 billion over the next five years to improve the workplace, with potential enhancements including better access to healthy food, new EV chargers in plant parking lots and better lighting in parking lots.

POLL: How Much Do You Expect To Spend on Travel This Summer?

The stock closed up 2.5% on June 2 and was up 2.51% in pre-market trading on June 3.

The $3.7 billion investment includes a $2 billion investment and 3,200 union jobs, including the creation of nearly 2,000 jobs in three assembly plants in Michigan to increase production of the all-new F-150 Lightning electric truck to 150,000 per year, produce an all-new Ranger pickup at Michigan Assembly Plant in Wayne and an all-new Mustang coupe at Flat Rock Assembly Plant.

In Ohio, there will be a $1.5 billion investment and 1,800 union jobs to assemble an all-new EV commercial vehicle starting mid-decade, along with an additional 90 jobs and $100 million investment between Lima Engine and Sharonville Transmission plants

And in Missouri, there will be a $95 million investment and 1,100 union jobs for a third shift at Kansas City Assembly Plant to increase production of the Transit, America’s best-selling commercial van, and the all-new E-Transit electric van

Make Your Money Work Better for You

In April, Ford announced it planned to launch four new electric EVs into its Lincoln lineup by 2026, as it “moves toward an electric future,” the company said in a press release at the time. 

More From GOBankingRates

About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

Best Bank Accounts of July 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.