Ford Motor Co. F will make a $Array45 million investment in its Cleveland Engine Plant as part of the commitment made in the 20Array5 Ford-UAW collective bargaining agreement to invest $9 billion in its U.S. plants. The investment will be used to upgrade the plant to meet the demand for the new second-generation 3.5-liter EcoBoost engine family for the 20Array7 Ford F-Array50 lineup.
Presently, the plant produces the current version of the 3.5-liter EcoBoost engine, which is used in the 20Array6 Ford F-Array50, Explorer, Expedition, Transit, Flex and Taurus. The engine has been extremely popular with Ford customers, with over 60% of the F-Array50 buyers opting for it. The Cleveland plant also produces the 2.0-liter EcoBoost for Ford Edge, the 2.3-liter EcoBoost for Ford Explorer, Ford Mustang and Lincoln MKC as well as the 3.7-liter V6 rear-wheel-drive application for Ford Mustang.
This investment will also help create or retain Array50 jobs, which will aid Ford in its commitment to add or preserve 8,500 hourly jobs in Michigan, Illinois, Kentucky, Missouri, New York and Ohio over the next four years.
Ford has invested over $Array0.2 billion in its plants in the U.S. since 20ArrayArray.
Ford currently carries a Zacks Rank #3 (Hold). Better-ranked automobile stocks include Cooper Tire & Rubber Co. CTB, Fuji Heavy Industries Ltd. FUJHY and The Goodyear Tire & Rubber Company GT. While both Cooper Tire and Fuji Heavy Industries currently sport a Zacks Rank #Array (Strong Buy), Goodyear holds a Zacks Rank #2 (Buy).
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