ford
© AFP 2016/ THIERRY CHARLIER
Ford is canceling plans for a new plant in Mexico that would have cost the United States 3,500 jobs, the company said in a press release on Tuesday.

"Ford today announced it is canceling plans for the new plant in San Luis Potosi, Mexico," the release stated. "This will make way for two new iconic products at Michigan Assembly Plant in Wayne, Michigan, where Focus is manufactured today — safeguarding approximately 3,500 US jobs."

The release stated Ford is adding 700 new US jobs and investing $700 million during the next four years to create the new Manufacturing Innovation Center at its Flat Rock Assembly Plant in the US state of Michigan.

The investment in the Flat Rock Assembly Plant comes from $1.6 billion the company was set to invest in Mexico, the release noted.

The new plant will build high-tech autonomous and electric vehicles along with the Mustang and Lincoln Continental, the release stated. The moves are part of Ford's $4.5 billion investment in electrified vehicles by 2020, the release noted.