Ford spends $900 million on Thailand’s car plants to modernize them.
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Ford Motor Company (NYSE: F) is investing $900 million in Thailand’s Ranger pickup truck and Everest SUV facilities, the company’s largest-ever investment in the country.
The plan calls for nearly doubling the number of robots at its Thai manufacturing plant and AutoAlliance Thailand, a joint venture with Mazda Motor (OTC: MZDAY) Corp, with $400 million going toward the company’s supply chain network.
It will also add a second shift to the Ford facility, creating up to 1,250 additional employments in Thailand, boosting the total number of employees to almost 9,000.
Thailand is Asia’s fourth-largest auto assembly and export center, contributing over 10% of the country’s GDP and manufacturing jobs.
Last year, General Motors (NYSE:GM) sold its Thai facilities to Great Wall Motor of China, which has started making SUVs and aims to produce electric vehicles in Thailand.
PTT Pcl, Thailand’s state-owned energy company, has indicated it will invest $1 billion to $2 billion in an electric vehicle plant with Foxconn of Taiwan (TW:2317).
Story by : Norvisi Mawunyegah