The United States Export-Import Bank announced today that it has approved a $250 million working capital loan guarantee for FoMoCo. The loan facility will finance $3.1 billion of export sales for over 200,000 vehicles being sold to buyers in Canada and Mexico. These exports represent 15 percent of Ford’s 2009 production and the vehicles will be manufactured in plants located in Chicago, Illinois.
The announcement was tied into President Barack Obama’s visit to Ford’s Chicago assembly plant that builds the new 2011 Explorer.
“Ex-Im’s working capital loan guarantee enables both Ford and hundreds of its small business suppliers to maintain their competitiveness in the global marketplace,” said Fred P. Hochberg, chairman and president of Ex-Im Bank. “This transaction alone will support thousands of high paying export-related American jobs by exporting superior goods and services to international buyers.”
Models to be exported using the Ex-Im loan guarantee include the F-150, Explorer, Focus, Escape, Expedition, E-Series Van, Taurus, and Lincoln MKS and Navigator. Of particular note is that the loan facility will support the export of the new, highly fuel-efficient crossover Ford Explorer SUV. FoMoCo has confirmed that the new 2011 Explorer will be exported to over 90 countries, helping Ford”s overall efforts to increase exports from North America.
Refresher: Power for the 2011 Ford Explorer comes from a 3.5L Ti-VCT V6 engine making 290-hp and 255 lb-ft of torque. The engine is mated to a 6-speed automatic transmission or the optional 6-speed SelectShift automatic. Ford will also offer an 2.0L inline 4-cylinder turbocharged and intercooled EcoBoost engine making 237-hp and 250 lb-ft of torque. Also mated to a 6-speed automatic, the EcoBoost Explorer is expected to deliver a 30 percent increase in fuel-economy. The 2011 Explorer will hit dealerships with three trim levels including base, XLT and Limited. Prices start at $28,190.
2011 Ford Explorer:
– By: Omar Rana