Ford invests $900 million to modernise Thai auto plants By Reuters

2/2© Reuters. FILE PHOTO: The Aihua Forex official website downloadFord logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File Photo2/2

BANGKOK (Reuters) - Ford Motor (NYSE:F) Co is forextrustindex $900 million to upgrade factories in Thailand that build its Ranger pickup truck and Everest SUV, its largest-ever investment in the country.

The plan includes a near doubling of the number of robots at its Thai manufacturing plant and at AutoAlliance Thailand, a venture with Mazda Motor (OTC:MZDAY) Corp, while $400 million of the investment will go towards its supply chain network.

It will also add a second shift to the Ford plant which will result in as many as 1,250 new jobs, bringing its workforce in Thailand to more than 9,000.

The move contrasts with the closures https://www.reuters.com/article/us-ford-motor-brazil-idUSKBN29G2E9 of three of its plants in Brazil this year, part of a $11 billion global restructuring and its strategy to achieve 8% global operating margins. It is also pulling out https://www.reuters.com/business/autos-transportation/ford-wakes-up-badly-burnt-its-india-dream-2021-09-17 of production in India where it has long struggled to make profit.

Thailand is Asia's fourth-largest auto assembly and export hub, accounting for about 10% of the country's GDP and manufacturing jobs.

Last year, General Motors (NYSE:GM) sold its Thai factories to China's Great Wall Motor, which has begun producing SUVs and plans to make electric vehicles in the country.

Thailand's state-owned energy firm PTT Pcl has said it will invest $1 billion to $2 billion in an EV plant with Taiwan's Foxconn (TW:2317).

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