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Ford scrapped plans for a $1.6 billion plant in Mexico and will create 700 US jobs

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Ford announced Tuesday it would cancel plans for a $1.6 billion plant in Mexico, instead investing $700 million in Michigan and creating 700 new U.S. jobs.

CEO Mark Fields told CNN the move was a "vote of confidence" in the pro-business environment the company expects President-elect Donald Trump to create. 

"We didn't cut a deal with Trump. We did it for our business," Fields said. 

More electric, self-driving cars

The investment will go toward Ford's plant in Flat Rock to produce more electric and self-driving cars. 

The Mexico plant was initially announced last year. Trump repeatedly criticized Ford on the campaign trail as an example of businesses he thought were taking jobs from Americans in favor of cheaper labor overseas. The company refuted his claims. 

Ford employs 85,000 Americans, which represents an increase of nearly 50 percent in the past five years. 

Ford also announced plans to make electric versions of many flagship cars and trucks.

Trump announced the new date for his 'major news conference' about his business ties

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