Trump promised to save auto industry during a Michigan rally. But where does the industry currently stand?
(CBS DETROIT) — At a rally in Novi over the weekend, Former President Donald Trump promised to save the auto industry in Michigan, and to bring back manufacturing jobs to the state.
"I'm proclaiming that by the end of my term, the entire world will be talking about the 'Michigan miracle' and the stunning rebirth of Detroit," Trump said.
Amid Trump's comments, industry experts point out that hundreds of thousands of new jobs have been created over the last four years.
"The Michigan auto industry is in extremely good shape and the U.S. auto industry is stronger than it has been in years," said Paul Eisenstein, editor at Headlight.news. "We're seeing jobs created in all sectors of the auto industry, but if you look at the EV market alone, that's up 10% this year."
Experts say companies like General Motors will hit record earnings this year. However, Stellantis' sales have been down most of the year. The latter company's CEO, Carlos Tavares, recently told reporters that nothing is off the table, including plant closures or brand shutdowns.
"Are there some problems, of course. We're seeing issues at Stellantis, largely of its own making. It's made a number of mistakes when it comes to product," Eisenstein said.
Last week, the Biden administration announced that a semiconductor plant in Saginaw County would receive a $325 million grant to help it build a new factory.
"What's needed here is to build up the domestic auto industry, which has been happening through investment by industry, but also incentivized by government, to invest in a battery electric vehicle production," said Bob Gritzinger, editor-in-chief of Wards Auto.
Experts say new contracts are helping autoworkers make substantially more money with better benefits. For instance, LG announced that it will shift the production of batteries for the Ford Mustang Mach-E from Poland to Michigan in 2025.