Wednesday 24th May, 2017
ford-is-pouring-in-350-million-into-its-livonia-transmission-plant-in-michigan

MICHIGAN, U.S. - In a bid to upgrade its Livonia transmission plant in Michigan, Ford has confirmed that it would be pouring in an investment worth $350 million at the plant.

Through the investment, the company is aiming at expanding its lineup of powertrains.

Further, the new investment is part of the company's previously disclosed commitment to invest $9 billion.

Through the investment, the company is set to create or retain 8,500 hourly jobs in its U.S. facilities in the next few years.

In 2016, Ford announced that it was investing a separate $1.4 billion in the Livonia transmission plant near Detroit. 

In a statement now, Ford has stated that employment at the Livonia plant has increased from about 1,550 last year to 1,800. 

However, the company did not specify how many additional jobs it will add.

Earlier this week, the automaker announced that it was cutting 1,400 salaried jobs in North America and Asia as it looks to boost its sagging stock price. 

The company is meanwhile also planning to cut $3 billion in costs.

Ford has clarified that it is not cutting its hourly workforce or production even as automakers have increasingly come under pressure from President Donald Trump to add jobs or build U.S. new plants.

Over the last five years, Ford has invested $12 billion in its U.S. plants.

During the period, the company has also created nearly 28,000 U.S. jobs.

Ford has come under pressure to boost its stock price. 

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