Arab Today, arab today ford to build 25bn mexico engine transmission plants
Last Updated : GMT 23:05:53
Arab Today, arab today
Arab Today, arab today

Second major project announced in the country

Ford to build $2.5bn Mexico engine, transmission plants

Arab Today, arab today

Arab Today, arab today Ford to build $2.5bn Mexico engine, transmission plants

Ford Motor Company president for the Americas Joseph Hinrichs (R)
Mexico City - Arab Today

The Ford Motor Company unveiled Friday a $2.5 billion investment for engine and transmission plants in Mexico, the second major project announced in the country by a foreign auto power this week.

The US firm's plan to expand an engine plant in the northern border state of Chihuahua and build a transmissions factory in the central state of Guanajuato will create 3,800 jobs, the company said.

The investment was announced by Ford's president for the Americas region, Joseph Hinrichs, and President Enrique Pena Nieto at the Mexican leader's official residence in Mexico City.

Just two days earlier, Pena Nieto had invited Toyota executives to his residence for the Japanese auto giant's announcement that it was ending a new plant freeze with a $1 billion factory in Guanajuato to produce the Corolla sedan.

The back-to-back announcements "prove to the world that Mexico has conditions for competitiveness, conditions to be more productive and conditions to attract more investments," Pena Nieto said.

"This makes the world turn to look at Mexico," he said.

Mexicans officials said the new investments will boost the country's goal of becoming a top five auto producer in the world by 2020, producing 5 million vehicles per year.

The auto industry's growing success brought the government much-needed good news as falling oil prices have led to budget cuts and a reduction of economic forecasts for 2015, from 3.0-4.0 percent growth to 2.5-3.5 percent.

- 'A perfect week' -

The country's proximity to the world's biggest market, the United States, its relatively cheap and skilled labor, and its free trade agreements with several nations make it an attractive destination for investors.

Mexico overtook Brazil last year to become the top auto producer in Latin Americans and the seventh biggest in the world. It is the sixth producer of auto parts in the world.

Mexico produced more than 3.3 million vehicles last year, some 500,000 fewer than number six power India.

It also surpassed Japan as the top exporter of vehicles to the United States in 2014, and analysts say it is closing in on first-placed Canada.

Economy Minister Ildefonso Guajardo said that, since Pena Nieto took office in December 2012, the government has announced 22.6 billion dollars in auto sector investments.

"It has been a perfect week for the Mexican automobile industry," Guajardo said.

Ford said the new $1.1 billion gasoline-powered engine facility will be built within Ford's plant in the northern border state of Chihuahua to boost engine exports to the United States, Canada, South America and the Asia-Pacific region.

The company will also spend $200 million to expand the Chihuahua plant's production of I-4 and diesel engines, he said, turning the facility into the biggest engine plant in Mexico.

The new $1.2 billion transmission plant will be built on the premises of Ford supplier Getrag in the city of Irapuato, Guanajuato.

Ford said its first transmission facility in Mexico will produce "two all-new automatic transmissions for key products primarily in South America, Europe and Asia Pacific as well as other North American markets."

Eduardo Solis, president of the Mexican Auto Industry Association, said it was too soon to know whether Mexico's production will surpass other countries soon but that it the sector will keep growing.

"More investments are coming," Solis told AFP. "We expect more announcements in the future."
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ford to build 25bn mexico engine transmission plants Arab Today, arab today ford to build 25bn mexico engine transmission plants

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future

GMT 10:06 2017 Friday ,17 February

South Korea's Hanjin Shipping declared bankrupt

GMT 09:26 2017 Friday ,17 February

Samsung's history tainted by run-ins with the law

GMT 09:20 2017 Friday ,17 February

Samsung heir arrested in corruption probe

GMT 10:26 2017 Thursday ,16 February

Dollar, equities stutter in Asia after Trump rally
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday