Ford is planning a $3.7 billion investment in the development of electric automobiles and gasoline-powered vehicles

Ford Motor Company is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand and luxury cars under its Lincoln luxury brand.

Ford motor company on Thursday said it will invest $3.7 billion in assembly plants in Michigan, Ohio, and Missouri for the production of both electric and gas-powered vehicles. Ford said $2.3 billion of the entire investment will go toward electric vehicles, as part of a $50 billion plan to invest in electric vehicles through 2026.

Ford executives stated the state of Michigan and the state of Ohio will provide incentive packages worth $150 million and $200 million, respectively. The Michigan-based carmaker said the investments will result in the addition of more than 6,200 hourly jobs and the conversion of 3,000 temporary workers into full-time employees with health-care benefits and higher compensation. In the middle of the decade, it will also add a new electric commercial vehicle to its inventory.

Ford announced in March that it would increase its EV spending to $50 billion by 2026, up from $30 billion previously. It also announced that it would separate its electric vehicle (EV) and internal combustion engine (ICE) divisions in an attempt to catch up to EV industry leader Tesla.

By the end of 2026, the business intends to produce more than 2 million electric vehicles annually, accounting for almost one-third of its total production.