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IPFS News Link • Business/ Commerce

Ford To Invest $900 Million, Hire 900 For New Electric Vehicle Plant In Michigan

• by Tyler Durdan

The CEO's compensation was up about 6% in what he described as a "mediocre by any standard" year for the company.

Hackett's total compensation was up from about $16.7 million in 2017. He benefited from increases to his salary, stock awards, perks and benefits, while his bonus pay fell, according to a regulatory filing by the company.

But it's not all bad news.

Perhaps in response to growing criticism about the CEO's rising pay at a time when the company is downsizing and letting people go left and right, on Wednesday Ford announced that its plans to spend $900 million and hire about 900 workers to build electric and self-driving vehicles in Michigan, while moving production of a small commercial van to Mexico from Europe.

The new facility, scheduled to open in the next two years, will take new commercial-grade hybrid models and incorporate the self-driving technology needed to turn them into autonomous vehicles according to CNBC. Ford is still considering where to build the AV finishing center and has not said how many people will work there.

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