Michigan has a rich history in automotive manufacturing with three Fortune 500 automakers calling this state home and accounting for 24% of total vehicle production in the United States.
The automotive manufacturing industry carries the responsibility of driving Michigan’s economy. In 2015, it contributed $36,953 million in revenue. No other industry generates anywhere close to this level of revenue. Furthermore, the automotive industry employs 20% of the state’s population.
Officially called Fiat-Chrysler Automotive, the auto group holds Chrysler, Dodge, Ram and Jeep as their primary product lines. In 2016 Fiat-Chrysler reported worldwide yearly earnings of $132.7 billion and the employment of 234,499 employees.
Fiat Chrysler Group is looking to expand their command of Michigan. They now intend to open a new Jeep production facility. According to reports, Syncreon, an Auburn Hills logistics company, will operate the facility and is expected to hire more than 250 employees, including warehouse, forklift and commercial drivers.
Ford Motor Co.
Founded in 1890 by Henry Ford, they’ve grown to be one of the top 3 automakers in the U.S. In 2016, Ford generated $151.8 billion in revenue. Ford’s global market share accounts for 7.3% of the entire auto industry, and employs 166,000 people worldwide.
Ford announced its plan to invest $700 million in its Flat Rock Assembly plant in Michigan. This would open 700 more employment opportunities and bring Ford’s total investment to $1.9 billion in Michigan this year.
General Motors Corp.
Founded in 1908 under the leadership of William C. Durant, the General Motors Company was initially meant to consolidate several motorcar companies. In 2016, General Motors generated $166.4 billion in revenue and provides job opportunities to 225,000 people worldwide.
General Motors and Honda are currently involved in a joint project in Michigan that would reap gold for the state. The venture aims to produce fuel cells which will be used in vehicles by 2020. The move is expected to create about 100 new jobs.
With such bright projects lined up in Michigan by the 3 Big Automakers, there is no doubt that the state will be continuing it’s rich history in automotive manufacturing and incur a lot of economic growth in the near future.
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