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02/04/2012
Ford is to invest $1.3 billion (£809 million) in their stamping and assembly car plant in the city of Hermosillo in northern Mexico. Announced on Friday, the influx of funds is expected to create 1,000 new jobs in the city.
Mexican President Felipe Calderon believes this new investment will bolster his country's car industry and its appeal to South American motorists and car insurance policyholders.
"Mexico in January rose to fifth place in global auto exports ... and I think we are about to move into fourth place," he told the BBC.
Ford overtook General Motors as Mexico's top exporter of cars in 2011. They exported almost 450,000 vehicles, an increase of 17 per cent from 2010.
"This investment allows us to produce the all-new Ford Fusion and the Lincoln MKZ line-ups, helping us to meet growing consumer demand," said Ford's President for the America's, Mark Fields, in an interview with Reuters.
The new injection of funds are in addition to the $3 billion (£1.8bn) Ford has invested in Mexico over the last ten years. The Ford plant in Hermosillo is 26 years old and currently employs 2,700 staff.
The announcement comes after political bargaining between Brazil and Mexico saw the Mexicans giving-in to their more powerful neighbours and cutting car exports to Brazil. Mexico's 2011 car exports compounded other cheap imports which are hurting Brazilian manufacturers.
Mexico agreed to cut its car sales to Brazil and to a fixed quota for the next three years, in order to preserve a previous trade agreement.
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