Shortly after announcing a profit of $2.6 billion, a 13% increase and beating expectations on Wall Street, Ford has announced the new 2011 Ford Explorer. The new Explorer is expected to create at least 1,800 new jobs including 600 auto supplier jobs across 3 states.
Ford will export the new Explorer to 90 countries. “The economic impact of the new Explorer will benefit hundreds of American communities,” said Mark Fields, Ford president of the Americas. “Not only does the new Explorer change the game for SUVs, it will help boost the American economy by fueling jobs and new investments.”
The Center for Automotive Research in Ann Arbor, Michigan said that each automotive job indirectly creates 10 indirect jobs as well.
The bad news is that it may cost $500 million to shut down the Mercury brand of cars. About $247 million was spent in the first half of 2010 for dealer reductions and other miscellaneous costs itself. Ford CFO Lewis Booth expects these costs to double to fully shut down the brand.