At a press conference held today in Flat Rock, Michigan, Ford CEO Mark Fields announced the company’s plan to expand operations in Flat Rock.
The automaker is investing $700 million and adding 700 jobs in their plant that has been open since 1986.
The investment will go toward new electric vehicles including an F-150 Hybrid and a Mustang Hybrid.
The plant in Flat Rock has historically produced the classic American pony car, the Mustang, along with the Lincoln Continental.
Also announced was a cancellation of a new $1.6 billion plant in San Luis Potosi, Mexico.
Overall Ford is investing a total of $4.5 billion in “electrified” vehicles by 2020.
Ford CEO Mark Fields credited policies of President Elect Trump and the new Congress with playing a vital role in the company’s decision to invest in America.
While Ford will maintain a plant in Hermosillo, Mexico, where the Ford Focus is produced, the cancellation of the San Luis Potosi plant will safeguard 3,500 jobs while adding another 700.
Since the news was announced this morning, Ford Motor Company Stock increased by 3.1% by noon.
Ford’s US competitor, GM, stock price remained nearly flat with a .5% increase since the open.
President Elect Trump praised the Ford announcement, highlighting the move on his Twitter feed.
Earlier in the day, Donald Trump took a shot at General Motors tweeting:
General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers-tax free across border. Make in U.S.A.or pay big border tax!
— Donald J. Trump (@realDonaldTrump) January 3, 2017