Gretchen Whitmer

Ford Pledges $1 Billion in Orders to Rebuild Michigan Manufacturing

Ford will commit $1 billion in purchasing to companies developing advanced manufacturing capabilities under Michigan Lift, a program launched with JPMorgan Chase and the state of Michigan. In a Bloomberg interview, Ford CEO Jim Farley argued that suppliers need customers as well as capital to rebuild production capabilities that moved overseas; JPMorgan CEO Jamie Dimon said the bank would serve as an anchor capital provider. The initiative is intended to connect Michigan innovators with financing and orders, with a focus on supply chains such as magnets and rare earth materials.