Ford, GM to spend $200M on new models and services

Ford, the largest U.S. automaker, is spending $200 million on new products and services this year as part of a push to become the world’s biggest automaker.

Ford said Tuesday it will invest $20 billion over the next decade to improve its quality of life, expand its manufacturing capacity and help customers buy and sell more efficiently.

Ford said the new initiatives will also include $20 million in research and development to improve the quality of cars and parts and $20.5 million in new marketing, education and public relations campaigns.

“The new Ford products and initiatives will help drive our future growth and our ability to become a global leader in the automotive and mobility industry,” the company said in a statement.

The investment comes after Ford’s first full quarter ended Feb. 22, when sales plunged 18% year-over-year, with the company reporting a $3.7 billion loss.

Ford is trying to build on its success with its EcoBoost engines and a more upscale Mustang.

For its next quarter, Ford expects its financial results to grow 4.4% to $21.9 billion, with operating income of $4.9bn, or $3 per share.

CEO Mark Fields said in February the company will spend $20bn on products and improvements in the next 12 months, including $2 billion in new product initiatives.

At the same time, Fields said Ford will invest about $15bn in new manufacturing capacity to support a growing U.K. workforce and help U.s. businesses build value for customers.

In addition, Ford is revamping its marketing and communications efforts, adding an executive to its communications team and boosting its marketing department with a $1.2 billion investment, Fields and chief marketing officer David Johnson said in the statement.

Ford also is working to improve and accelerate its sales of the Lincoln Navigator, which it is making in Japan.

Shares of Ford rose 8.5% to close at $16.98 in New York on Tuesday.

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