Post by TonyV on Dec 19, 2009 15:47:09 GMT -5
Posted: Dec. 19, 2009
Ford may pick state for jobs proposal
Tax credit makes Michigan likely site
BY BRENT SNAVELY
FREE PRESS BUSINESS WRITER
Ford Motor Co. Executive Chairman Bill Ford said Friday that the passage of a tax credit package by the state Legislature makes it "very likely" that Ford will pick Michigan for an investment that is expected to create 1,000 jobs.
The state Legislature on Thursday approved $78 million in tax credits for Ford to develop battery packs for future hybrid and plug-in hybrid vehicles.
However, the company said other details must still be worked out with the state's economic development arm before it commits to the project in Michigan. Ford also has said it still may consider other sites outside of the state.
"We feel very grateful that they did that, and that makes it more likely that we'll do this here and create the jobs intended," said Ford.
Ford spoke Friday during a news media briefing for the North American International Auto Show in Detroit.
Meanwhile, Ford President and CEO Alan Mulally said Friday that Ford and the domestic automotive industry are in better shape today than a year ago.
"What a difference going into this auto show," he said.
"Last year -- a year and six days ago -- I was testifying" before Congress and urging the government to give emergency funding to the automotive industry, Mulally said.
Despite the improved industry climate, Mulally said it is critical for governments around the world to promote a full economic recovery.
"That is absolutely the key to the future," Mulally said.
Ford, the only U.S. automaker that didn't need emergency federal loans this year, is heading into 2010 as the strongest Detroit Three automaker.
Ford, which has been working through a reorganization plan since 2006, has said it expects to report an annual profit by 2011.
However, the automaker already has posted a $1.8-billion profit for the first nine months of 2009. Plus, Ford's market share over the first 11 months of the year has increased one percentage point to 15.9%. That's because sales of Ford's new cars and trucks have declined 18.9% for the first 11 months of the year -- better than the 23.9% industry decline.
Contact BRENT SNAVELY: 313-222-6512 or bsnavely@freepress.com
Ford may pick state for jobs proposal
Tax credit makes Michigan likely site
BY BRENT SNAVELY
FREE PRESS BUSINESS WRITER
Ford Motor Co. Executive Chairman Bill Ford said Friday that the passage of a tax credit package by the state Legislature makes it "very likely" that Ford will pick Michigan for an investment that is expected to create 1,000 jobs.
The state Legislature on Thursday approved $78 million in tax credits for Ford to develop battery packs for future hybrid and plug-in hybrid vehicles.
However, the company said other details must still be worked out with the state's economic development arm before it commits to the project in Michigan. Ford also has said it still may consider other sites outside of the state.
"We feel very grateful that they did that, and that makes it more likely that we'll do this here and create the jobs intended," said Ford.
Ford spoke Friday during a news media briefing for the North American International Auto Show in Detroit.
Meanwhile, Ford President and CEO Alan Mulally said Friday that Ford and the domestic automotive industry are in better shape today than a year ago.
"What a difference going into this auto show," he said.
"Last year -- a year and six days ago -- I was testifying" before Congress and urging the government to give emergency funding to the automotive industry, Mulally said.
Despite the improved industry climate, Mulally said it is critical for governments around the world to promote a full economic recovery.
"That is absolutely the key to the future," Mulally said.
Ford, the only U.S. automaker that didn't need emergency federal loans this year, is heading into 2010 as the strongest Detroit Three automaker.
Ford, which has been working through a reorganization plan since 2006, has said it expects to report an annual profit by 2011.
However, the automaker already has posted a $1.8-billion profit for the first nine months of 2009. Plus, Ford's market share over the first 11 months of the year has increased one percentage point to 15.9%. That's because sales of Ford's new cars and trucks have declined 18.9% for the first 11 months of the year -- better than the 23.9% industry decline.
Contact BRENT SNAVELY: 313-222-6512 or bsnavely@freepress.com