Motor Co. will receive a $250 million loan from the U.S. Export-Import Bank to facilitate sales of more than 200,000 vehicles to Canada and Mexico.
The loan, expected to be finalized this month, will finance $3.1 billion of export sales, with the vehicles to be produced atplants in Chicago; Dearborn and Wayne, MI; Kansas City, MO; Louisville, KY; and Avon Lake, OH.
Models to be exported include the Ford F-150 pickup, Explorer SUV, Focus small car, Escape cross/utility vehicle, Expedition SUV, E-Series van, Taurus sedan, and Lincoln MKS sedan and Navigator SUV.
According to Tony Brown, group vice president, Ford Global Purchasing, more than 650 companies in 41 states produce parts and components for the vehicles being exported.
Additionally, thousands of indirect suppliers also will provide services to accommodate the exports, he says.
The loan, fees and interest are expected to be paid back within a year, the U.S. Export-Import Bank says in a statement.
President Obama in a visit today to Ford’s Chicago assembly plant, will stress the importance of the automotive industry in helping to boost U.S. exports.
Deputy National Security Advisory for International Economic Affairs Michael Froman, says exports are “critical” to the U.S. economy. “We’ve seen exports rebound.”
Exports are “up 57% over year-ago, and (exports) to emerging markets are particularly strong,” Froman says in a conference call with reporters yesterday. “The auto sector and related industries are an important part of the story.”
Froman says U.S. exports, including automotive, will help in achieving Obama’s goal to double U.S. exports over the next five years.