Published: Wed, January 25, 2017
Research | By Francis Brooks

Trump Meets with Tesla and Ford CEOs to Talk American Manufacturing

Trump Meets with Tesla and Ford CEOs to Talk American Manufacturing

President Donald Trump told the chief executives of the three biggest automakers in the US that he'll cut taxes and reduce environmental regulations to restore the nation's manufacturing sector.

Ford Motor Company CEO Mark Fields on Tuesday praised President Trump for abandoning the Trans-Pacific Partnership after a breakfast meeting with Trump and other leaders of the USA auto industry.

U.S. President Donald Trump, second left, speaks during a meeting with Mary Barra, chief executive officer of General Motors (GM), left, and Sergio Marchionne, CEO of Fiat Chrysler, second right, at the White House on January 24 2017. I think a very positive meeting for the United States of America and manufacturing, ' he said.

Fiat Chrysler said earlier this month it is bringing 2,000 jobs to OH and MI as part of a $1 billion industrialization investment, the company announced Sunday.

To reporters, Trump said his administration will make it easier for automakers and other manufacturers to expand in the United States.

Earlier this month, Ford announced it had scrapped plans to build a new $1.6 billion small-car factory in Mexico while Fiat Chrysler announced a $1 billion investment plan in its two US factories.

The automakers want less regulation and lower taxes, but don't want their trade with Mexico or other countries disrupted.

"They're using Trump as a marketing channel", says Jonah Berger, a marketing professor at the University of Pennsylvania's Wharton School.

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Automakers have praised Trump's policies, but emphasized that the recent employment moves were the result of business, not political decisions, that had mostly been in the works for a long period. He said "we look forward to working with Trump and members of Congress to strengthen the American manufacturing industry".

Automakers have said that what they really want is to know what rules will apply in the future, especially for imports from Mexico.

President Donald Trump will start Tuesday with a breakfast meeting with three leaders from the auto industry to discuss ways of keeping jobs in the United States.

Trump bashed Ford over the automaker's plan to invest $1.6 billion in Mexico by shifting its North American small-car production south of the border. And it's not the construction I want, although that brings jobs.

Earlier Jan. 17, Hyundai said it will significantly increase its investment in the USA while Trump is president and is considering building a new US factory.

In 2015, 63% of GM's North American output came from the USA, vs. 80% for Ford and 64% for Fiat Chrysler, according to IHS Automotive. Ford canceled a $1.6 billion auto assembly plant in Mexico and has said it will spend $700 million to expand a MI factory instead.

Besides GM, its peer Ford also threw-away plans of building a $1.6 billion in Mexico, instead it will be investing $700 million in a factory in MI.

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