Ford To 'create Or Retain' 800 Jobs At Michigan Plant, 2 Days After Confirming Job Cuts

Ford Motor Co. said Friday it will invest $350 million in its Livonia Transmission Plant in Michigan, which will "create or retain" 800 hourly jobs. The investment will support production of a new fuel-efficient transmission. The auto maker said it expects to begin adding jobs in late 2017, with most of any new jobs coming in 2018 and 2019. The announcement comes two days after Ford confirmed with MarketWatch plans to cut 1,400 salaried positions in North America and Asia Pacific. Ford's stock, which gained 0.5% in premarket trade, has shed 11% year to date through Thursday. In comparison, shares of rival General Motors Co. has lost 6.8% and S&P 500 has advanced 5.7%.