Michigan lawmakers grant Ford $101M incentive package to boost manufacturing and job creation – http://cbtnews.com/

July 4, 2022 by No Comments

Michigan state legislators approved a $101 million incentive package for Ford Motor Company for a project expected to generate 3,030 jobs and $1.16 billion in investments in manufacturing facilities around the state.

The tax-funded incentive is conditional on Ford meeting committed job targets. According to Ford’s Head of Economic Development Gabby Bruno, the increased investments will enable the carmaker to almost double the F-150 Lightning’s manufacturing at its Dearborn, Michigan plant.

The state of Michigan has struggled to bring in new and interested residents because of a lack of jobs as most car companies, and factories have moved overseas. Ford, though, as a reaction to the current part shortages, is working closely with state officials to create factories and work centers to decrease the scarcity and bring more stability to the production of EV batteries.

To make these dreams a reality, Michigan lawmakers passed a tax-based incentive package for Ford Motor Co worth $101 million. The money is going to be used to produce and manufacture battery and car assembly factories throughout the state. The purpose is to bring jobs, and according to the incentive, the battery centers should open about 3,030 jobs and $1.16 billion in manufacturing facility investments.

This is a win-win for both the state and the large car company. Ford Motors is trying to meet the demand with its low supply but is struggling because of a lack of car parts and a price increase. Ford’s all-electric truck, the F-150 Lightning, is high in demand, and Ford expects the Michigan incentive to help double the production.

However, General Motors, unlike other car companies, does not have the upper hand globally as Europe and China are growing in EV sales and use compared to the U.S. China is at an advantage as many of the EV battery production centers and lithium mining facilities are located in the country, making the delivery of these materials easy and quick.

Did you enjoy this article? Read other articles on CBT News here. Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at [email protected]

Be sure to follow us on Facebook, LinkedIn, and TikTok to stay up to date.

While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.

Source: https://www.cbtnews.com/michigan-lawmakers-grant-ford-101m-incentive-package-to-boost-manufacturing-and-job-creation/


Leave a Comment

Your email address will not be published.