The Ford Motor Company announced on Tuesday that it plans to invest $700 million in its Flat Rock Assembly Plant and create about 700 new jobs.
The company also revealed it has canceled plans to build a $1.6 billion plant in Mexico.
The assembly plant in Flat Rock will focus on building autonomous and electric vehicles including a new Mustang Hybrid.
Ford says this is all part of a $4.5 billion investment in electrified vehicles by 2020. Ford plans to introduce 13 new electric vehicles over the next five years.
President Obama Shops, Eats And More In Detroit During NAIAS Visit [PHOTOS]
1. President Obama arrives in DetroitSource:Getty 1 of 6
2. President Obama at the NAIASSource:Getty 2 of 6
3. President Obama shopping at the Shinola store in DetroitSource:Getty 3 of 6
4. President Obama having lunch at the Jolly PumpkinSource:Getty 4 of 6
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6. President Obama speaking at General Motors-United Auto Workers facilitySource:Getty 6 of 6
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