Daily Management Review

Trump thanks Ford and Fiat Chrysler for keeping jobs in U.S.


US President-elect Donald Trump thanked Ford Motor Company and Fiat Chrysler, which recently announced heavy investments in the US auto industry.

Ninian Reid
Ninian Reid
The day before, on January 8, the company Fiat Chrysler Automobiles NV announced its intention to invest $ 1 billion in modernization of plants in the states of Michigan and Ohio. By 2020, the carmaker intents to release three new Jeep models and move in the US production of heavy pickups Ram, now assembled at Saltillo plant in Mexico.

Previously, Ford cancelled construction plans in the Mexican state of San Luis Potosí in favor of its Michigan plant.

January 3, Trump threatened General Motors Corporation with tax increases in case of refusal to give up US sales of cars produced in Mexico.

"General Motors supplies dealers in the United States with Chevy Cruze made in Mexico, and does not pay taxes at the border. Make in the United States or pay higher border tax" - Trump commented.

January 9, executive director of General Motors, Mary Barra said that the company will not shift production of cars from Mexico to the United States because of Trump’s criticism. According to her, the company has already taken production decisions and made long-term investments in the production, which cannot be undone.

"This is a capital-intensive business with long-term investment on which we made decisions two, three and four years ago", - she said.

According to the Mexican automotive industry association, 80% of all domestically produced cars go to export, of which 86% are exported under the NAFTA in the United States and Canada. Total in 2015, Mexico exported 2.8 million passenger cars (the fourth largest in the world), of which 1.993 million hit in the US. The car industry provides 3.2% of Mexico's GDP, and about 900 thousand jobs.

Over the last decade, car companies, manufacturers of heavy machinery and equipment invested billions of dollars in their plants in Mexico. Just in April 2016, representatives of Ford announced plans to spend another $ 1.6 billion to expand Mexican production facilities to release low-end models. General Motors, in turn, was going to spend on Mexican plants additional 5 billion over the next several years.

source: cnbc.com

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