An American icon is coming home!
One of the most legendary companies in the history of our country has made a momentous decision and while Obama is leaving behind a legacy of anti-business, Trump can start a PRO-business legacy right here and now.
This is one of those companies upon which the United States was built and when we heard they planned to build a $1.6 billion plant in Mexico, many Americans saw it as a betrayal. Of course, with the business culture floundering under Obama, you couldn’t really blame them, either.
Now, however, the big news, as reported by numerous sources including Bloomberg:
Ford Motor Co. has announced they’ve canceled plans to build that massive plant in Mexico, and they’d rather re-invest in the U.S. economy. This will save 3,500 U.S. jobs to start, and 700 more are coming down the pike. Said Chief Executive Officer Mark Fields on Tuesday:
“One of the factors we’re looking at is the more positive U.S. business environment that we foresee under President-elect Trump and the pro-growth policies that he’s been outlining. This is a vote of confidence around that.”
Ford Executive Chairman Bill Ford called Trump this morning with the news, and we’re willing to bet the President-elect was thrilled. Now, while Fields said the company would’ve reached the same decision even without Trump, one still can’t help but notice the mention in the quote above…
Added University of Michigan’s Ross School of Business professor Erik Gordon:
“It is the wrong time to build new plants in Mexico. Ford will save money, American jobs, and will avoid the risk of a border tax and a smack in the face from the new president.”
Ford will also add production (by 2020) of a fully electric SUV with at least 300 miles of range, and an autonomous hybrid vehicle for commercial ride hailing or sharing by 2021 at the Flat Rock factory. As a result of this news, Ford shares had risen 3.3 percent by 12:21 p.m. EST. No surprise there.
Don’t forget that Trump targeted Ford during his campaign; he wasn’t happy about the company moving their small car production from the U.S. to Mexico. Well, now they’re not.