Ford announces $3.7 billion investment to build electric vehicles, trucks, new Mustang

(CNN Business) Ford announced a new $3.7 billion investment Thursday across three mid-western states to build a new yet-to-be-revealed Mustang and to ramp up production of trucks and vans, including new electric models.

The Michigan-based automaker will invest $2 billion in its home state, an investment that will create 2,000 new jobs, Ford said in an announcement. The funds will be used to increase production of the F-150 Lightning electric plckup, built at a factory near Ford's Dearborn headquarters, to 150,000 trucks per year. Ford has approximately 200,000 pre-orders for the truck already, the company has said, and the first examples were delivered to customers last week.

The money will also go into the production of a new, redesigned Ford Ranger mid-sized pickup at a Wayne, Michigan, plant as well as a new Ford Mustang in Flat Rock, Michigan, though the company has not yet detailed plans on whether the next Mustang will have an electric version. An additional $35 million will go to create a new customer service and packaging center that will ship auto parts directly to customers.

Ford will spend $1.5 billion at its Ohio assembly plant to build a "new electric commercial vehicle" that will be introduced around 2025. The company will also be investing around $100 million in an engine plant and a transmission factory in the state.

In Missouri, Ford is spending $95 million to add an additional factory shift to produce gas-powered Transit commercial vans and electric E-Transit vans.

The new investments are expected to create 6,200 unionized manufacturing jobs, according to Ford. Additionally, Ford will spend another $1 billion over the next five years to improve the workplace environment at its factories, the automaker said, including better lighting and the installation of EV chargers in parking lots.

The investments are in addition to the $11.4 billion Ford announced in September to build new battery manufacturing facilities in Tennessee and Kentucky.