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Ford-JPMorgan-Michigan Manufacturing Partnership
Ford, JPMorgan, and Michigan have launched a partnership to rebuild US manufacturing supply chains, with Ford committing $1 billion in purchasing and JPMorgan pledging capital for advanced manufacturing, magnets, and rare earths.
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Ford, JPMorgan and the state of Michigan are teaming up to connect manufacturers and startups with capital, customers and government support as the US tries to rebuild supply chains moved overseas (Bloomberg, October 11). Ford CEO Jim Farley said the company will commit $1 billion in purchasing to companies developing capabilities in advanced manufacturing, magnets and rare earths, while JPMorgan Chase CEO Jamie Dimon said the bank will lend capital through its broader security and resiliency push (Bloomberg, October 11). Michigan Governor Gretchen Whitmer said she hopes the partnership will create more opportunities in the state (Bloomberg, October 11).