Ford cancels Mexico plant, expresses vote of confidence in Trump

January 03, 2017 23:22

Ford announced today it is canceling plans to build a $1.6 billion plant in Mexico and will boost US production of electric vehicles, in part due to a better business environment under President-elect Donald Trump.

"Ford today announced it is canceling plans for the new plant in San Luis Potosi, Mexico," the company said in a statement.

At the same time, Ford is adding 700 US jobs and investing $700 million from the funds earmarked for the Mexico plant during the next four years to expand its Flat Rock Assembly Plant in Michigan so that it can build self-driving and electric vehicles.

Ford CEO Mark Fields told CNN the company looked at all the factors before making the decision "including what we view as a more positive US manufacturing business environment under President-elect Trump."

He said company chairman Bill Ford spoke this morning to Trump, who has been critical of Ford in the past, and just hours earlier slammed General Motors for importing some cars into the US market from Mexico.

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