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• The automaker will spend $2.3 billion on production of EVs
Ford Motor Co (NYSE: F) said on Thursday it will spend $3.7 billion for production of electric and gasoline-powered vehicles in Michigan, Ohio and Missouri.
Of the total investment, Ford will spend $2.3 billion on production of EVs, the company said.
Shares of the company rose 2.4% in afternoon trading.
The automaker said it also plans to add more than 6,200 hourly jobs and convert 3,000 temporary workers into full-time employees.
In March, Ford had said it is boosting its spending on EVs to $50 billion through 2026, compared to $30 billion, as announced earlier.
Picture Credits: Reuters
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