Automakers, enjoying the best U.S. sales since 2007, this week disclosed plans to spend $434 million to boost their capacity to make vehicles and engines in North America.
Ford Motor Co. (F) said it’s looking to squeeze more vehicles out of every factory on the continent. Honda Motor Co. (7267) said yesterday it will invest $215 million in Ohio, including about $180 million at an engine plant, the Tokyo-based automaker said in a statement. Chrysler Group LLC yesterday said it will add capacity and almost 300 jobs at a Michigan engine plant.
The carmakers are responding to increased sales, including a 14 percent July jump in U.S. car and light-truck deliveries to 1.32 million, according to Autodata Corp. The annualized industry sales rate, adjusted for seasonal trends, was 15.8 million, accelerating from 14.2 million a year earlier. The July results keep the U.S. on track for its best year since 16.1 million vehicles were sold in 2007.