CHICAGO, May 19 (Xinhua) -- Two days after confirming a 10-percent job cuts, Ford Motor Co. announced Friday that it will invest 350 million dollars to build a new transmission at its Livonia Transmission Plant in Michigan in U.S. Midwest.
It is believed that the investment will help create new jobs later this year as work begins in the plant, and more in 2018 and 2019, though Ford spokeswoman refused to disclose how many new jobs would be created and existing jobs would be retained.
The spokeswoman said the majority of the jobs would be hourly jobs, local media reported.
The plant now builds six-speed and 10-speed transmissions for Mustang, F-150, Transit and Expedition, and has employed about 1,800 workers.
"We remain committed to American manufacturing and investing in our people and facilities," Ford President of the Americas Joe Hinrichs said in a statement.
Ford has announced more than 2.25-billion-dollar new investments in Michigan in the past four months. In the past five years, the U.S. carmaker has invested 12 billion dollars in U.S. plants, creating nearly 28,000 jobs.
Ford's stock gained 0.5 percent in pre-market trade after release of this news. Overall, Ford's stock prices have lost 11 percent so far this year by Thursday.