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Ford, GM boost transmission spending $720 million
April 19, 2004 10:58:10 (ET)
SAN FRANCISCO (CBS.MW) -- Ford Motor and General Motors on Monday said they will spend another $720 million in their collaboration on a six-speed front-wheel drive automatic transmission.
Production of the transmission will begin in 2006, the companies said.
GM will invest $350 million and Ford will invest $370 million in equipment and facilities. Regionally, the program will keep 900 jobs in the companies' home state of Michigan with 200 more elsewhere. Two plants will produce the transmission in Michigan and one plant will be in Ohio.
Testing and development will be done in concert but the manufacturing will be at separate facilities.
With six speeds, the automakers said the transmission should be 4 percent more fuel efficient than current four-speed versions.
Plans for the transmission were announced in late 2002.
Article Here
April 19, 2004 10:58:10 (ET)
SAN FRANCISCO (CBS.MW) -- Ford Motor and General Motors on Monday said they will spend another $720 million in their collaboration on a six-speed front-wheel drive automatic transmission.
Production of the transmission will begin in 2006, the companies said.
GM will invest $350 million and Ford will invest $370 million in equipment and facilities. Regionally, the program will keep 900 jobs in the companies' home state of Michigan with 200 more elsewhere. Two plants will produce the transmission in Michigan and one plant will be in Ohio.
Testing and development will be done in concert but the manufacturing will be at separate facilities.
With six speeds, the automakers said the transmission should be 4 percent more fuel efficient than current four-speed versions.
Plans for the transmission were announced in late 2002.
Article Here