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Michigan Strategic FundDetroit Free Press
•82% Informative
Ford Motor Co. and Michigan economic development officials are drastically scaling back public money for two electric vehicle-related projects.
The state and Ford agreed Tuesday to substantially cut a proposed $825 million in tax credits for an immense new EV battery factory planned for outside Marshall , reducing that to just shy of $225 million .
The company and state blame a turbulent EV market for the change.
Ford announced in late November it would scale back its commitment in Marshall , a site called the BlueOval Battery Michigan site.
At the time, the company said it would invest $1 billion less in Marshall with a corresponding cut in 800 jobs and the plant's production capacity by roughly 40% .
Ford spokeswoman Jessica Enoch noted the company will still receive separate tax incentives.
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