Ford Plans To Invest $500 Million On Electric Car Initiative

Posted Dec 8, 2009

Ford Motor Company (NYSE:F) said that they are planning to invest as much as $500 million on building hybrid vehicles, batteries for hybrids, and electric vehicles in the state of Michigan. As a result, Ford will create an additional 1,000 jobs. Currently Ford has about 213,000 employees domestically and overseas. Ford is asking the Michigan government for tax credit as part of the electric vehicle initiative. Through the $500 million investment, Ford will also bring back battery pack assembly manufacturing within their company rather than outsourcing the task to Delphi Corporation.