Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
News18 » Auto
2-min read

Trump Praises Ford, Fiat Chrysler For U.S. Investments

Trump has repeatedly singled out companies in the auto sector and other industries for not doing more to keep jobs in the United States.

Reuters

Updated:January 10, 2017, 6:41 PM IST
facebookTwitterskypewhatsapp
Trump Praises Ford, Fiat Chrysler For U.S. Investments
According to a report in the Independent on Sunday, Trump wrote in a now deleted tweet: "I am honered to serve you, the great American People, as your 45th President of the United States!" (Image: Reuters)
Loading...

President-elect Donald Trump praised Ford Motor Co and Fiat Chrysler Automobiles NV for announcing new investments in the United States after he made U.S. auto production a key part of his campaign.

Ford announced last week it would abandon plans to build a $1.6 billion plant in Mexico and would invest $700 million in a Michigan plant over four years, while Fiat Chrysler said it will invest $1 billion and add 2,000 jobs at plants in Ohio and Michigan to build new SUVs and pickup trucks.

Both companies have said they made the decision for business reasons and not because of pressure from Trump, but praised the president-elect for seeking to improve the climate for businesses to operate in the United States.

Fiat Chrysler chief executive Sergio Marchionne said at the Detroit auto show that the decision had been in the works for a long time and was "coincidental" to Trump's tweet last week criticising the company. "We didn't twist ourselves into a pretzel (to make this decision)... It wasn't a preemptive strike against a tweet," Marchionne said during a roundtable discussion.

Marchionne was asked about tariffs that Trump has threatened to impose on vehicles imported to the United States from Mexico and elsewhere and he said that Fiat Chrysler will live with any new rules. However, he added that it was "quite possible" that heavy tariffs on Mexican imports could force the company to close Mexican plants.

Trump, a real estate developer who takes office on Jan. 20, has repeatedly singled out companies in the auto sector and other industries for not doing more to keep jobs in the United States.

Trump, a Republican, also criticized Toyota Motor Corp last week for shifting production of its Corolla from Canada to Mexico. The company has said there is no impact on U.S. employment as a result of the change.

"It's finally happening - Fiat Chrysler just announced plans to invest $1BILLION in Michigan and Ohio plants, adding 2000 jobs," Trump said in a tweet on Monday. In a follow-up tweet, he added: "Ford said last week that it will expand in Michigan and U.S. instead of building a BILLION dollar plant in Mexico. Thank you Ford & Fiat Chrysler."

Ford announced it will build the Bronco SUV and Ranger pickup at its Wayne assembly plant but will shift production of its Ford Focus car. Because of low demand, it will shift the Focus to an existing Mexican factory, rather than to a new factory as was announced in April.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Manav Sinha
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results