Ford CEO Mark Fields announced that the company is canceling plans to build a new $1.3 billion plant in Mexico and will instead invest $700 million in Michigan. In addition to the increased U.S. investment, the move will create 700 new American jobs.

Fields said that the decision was a "vote of confidence" in the American economy, and was due in large part to the new policies Trump "and the new Congress have indicated they will pursue".

"We believe these tax and regulatory reforms are necessary to boost U.S. competitiveness," Fields said.

The automaker announced that the $700 million investment will go to an assembly plant in Flat Rock, Michigan which produces electric and self-driving cars along with Mustangs and Lincoln Continentals.

The moves are part of a $4.5 billion investment in electrified vehicles by 2020, according to a Ford press release. The plans are part of the company’s expansion to be an auto and a mobility company, including leading in electrified and autonomous vehicles and providing new mobility solutions.