Ford Motor Co. is adding 3,000 jobs at two factories in the Detroit area and investing $1.45 billion to build new pickup trucks, SUVs, and electric and autonomous vehicles.
The company said Tuesday that about $750 million will go the Michigan Assembly Plant in the Detroit suburb of Wayne, where 2,700 jobs will be added during the next three years.
Another $700 million will be invested in the truck plant in Dearborn, Michigan, where 300 new jobs will be added.
The large investment comes as the U.S. new vehicle sales cycle has peaked and appears to be leveling off around 17 million vehicles per year.
But Ford needs to make the investment in new products in an effort to increase market share and prepare for a shift to new propulsion and autonomous vehicle technologies.