Ford and JPMorgan Launch Michigan Lift to Onshore Manufacturing
Ford Motor Company and JPMorgan Chase & Co. partnered with Michigan to launch Michigan Lift, an initiative to onshore industrial manufacturing and secure supply chains.
The Ford Motor Company, JPMorgan Chase & Co., and the state of Michigan launched Michigan Lift, an initiative to onshore industrial manufacturing and enhance supply chain resiliency. As part of the program, Ford committed $1 billion in purchasing power to support companies building advanced manufacturing capabilities, specifically targeting the production of rare earth magnets that were previously sourced from overseas.
The program aims to connect innovators with capital and customers to reduce dependence on foreign markets and address a national deficit in skilled trades. Governor Gretchen Whitmer stated that the effort is about homeland security and advanced manufacturing.
Jamie Dimon linked the launch to a broader $1.5 trillion security and resiliency initiative. Dimon argued that maintaining the best economy in the world is a prerequisite for having the best military and ensuring the future safety of the United States.
