Ford confirms their Mexican expansion plans

Ford confirms their Mexican expansion plans

US based automobile major Ford Motor has finally revealed their plans for the Mexican market. Rumors have been floating in the market saying that the company aims to expand massively in this country with the aim of cutting cost and getting back to profitability.

Ford is losing too much money in their operations in the United States and is going through a massive restructuring process, which involves job cuts and closing down of loss making plants.

The company has now revealed that it will revamp three factories in Mexico over the next several years. This is part of the ongoing restructuring plan targeted at revamping their American operations. The report however had no comments on a rumored new plant ford is expected to establish in the region.

Mark Fields, the executive vice president in charge of Ford’s North American restructuring effort said in a statement: “We remain committed to a new low-cost manufacturing facility. But we have made no decisions on where it will be located. The key to success will be high quality and low cost and that certainly can be in the U.S., Canada or Mexico.”