 "Ford")
Mexico's economy ministry voiced regret today over Ford's decision to scrap a new plant in the country following criticism from US President-elect Donald Trump.
The ministry said in a statement that it had obtained assurances that the US auto firm would pay the state of San Luis Potosi for any costs associated with the cancellation of the investment.
Ford CEO Mark Fields called the move "a vote of confidence" in Trump, but primarily a response to a decline in North American demand for small cars like those that would have been made at the Mexican plant. He said Ford would have made the same decision even if Trump had not been elected.
Ford will cancel plans unveiled in April to spend $1.6 billion to build the new plant in San Luis Potosi, Mexico, a project Trump urged the automaker to abandon and called an "absolute disgrace" during the election campaign.
The No. 2 U.S. automaker also said it would invest $700 million to expand the Flat Rock, Michigan factory and would make new electric, hybrid and autonomous vehicles there.
