- Nifty breaches key support level on Friday – Will market continue to see correction in upcoming week? Know what analysts say
- Prime Minister Narendra Modi to officially roll out 5G services in India on October 1
- Rupee ‘held back very well’ among peers against USD; RBI & Finance Ministry watching developments, says Sitharaman
- S Jaishankar at UNGA: India on side of those respecting UN Charter and its founding principles
- BPCL signs pact with Brazil's Petrobras to diversify crude oil sourcing
Ford investing $1 billion, adding 500 jobs in Chicago
Ford Motor Co said on Thursday it is investing more than $1 billion in its Chicago operations and adding 500 jobs as it prepares to launch three new SUVs this year.
Ford said it is building a new body shop and paint shop at its Chicago Assembly plant, and making major modifications to the final assembly area. At Chicago Stamping, Ford is adding stamping lines, the company added.
The Dearborn, Michigan, automaker is eager to highlight that it is building more vehicles than its rivals do in the United States. Ford built nearly 2.4 million vehicles in the United States in 2018 and employs the most hourly U.S. auto workers.
"We are furthering our commitment to America with this billion-dollar manufacturing investment in Chicago and 500 more good-paying jobs," said Joe Hinrichs, president of global operations.
By contrast, General Motors Co announced in November it would halt production at five plants in North America, including four in Michigan, Ohio and Maryland, as it cuts about 15,000 jobs. That will result in the loss of 2,800 U.S. hourly positions, but GM has said it expects to have enough open jobs at other plants to ensure all hourly workers can transfer.
Ford said last month it will slash "thousands" of jobs in Europe as part of an overhaul that could result in plant closures and the discontinuation of some models.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.