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5/19, 5:13 PM (Source: TeleTrader.com)
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Ford to make $350m investment in its Livonia plant

Ford Motor Co. announced on Friday a $350 million investment in its Livonia Transmission Plant to launch a new transmission line for front-wheel drive vehicles that would boost fuel efficiency, local media reported.

The move comes just three days after Ford announced it will shed 1,400 salaried workers in North America and Asia by the end of September, in an attempt to stop a decline in sales and stock price.

"We remain committed to American manufacturing and investing in our people and facilities," said Joe Hinrichs, the company’s president for the Americas. The investment in the Livonia Transmission Plant is part of the $1.8 billion the company committed to investing under the agreement with the United Auto Workers union in 2015.

Ford's stock gained 1.3% to go for $10.92 at 5 pm CET on Friday. 

TeleTrader Newsroom / KV