Ford Motor Company is set to spend $1.3 billion to transform its Canadian factory into an electric vehicle manufacturing hub. This move is a major step forward in the company's commitment to electrification and reducing its carbon footprint.
The Oakville Assembly Complex in Ontario will be retooled to produce electric vehicles, including battery packs, electric motors, and other components. The transformation is expected to create 3,000 jobs and make Ford one of the largest employers in Canada.
In a statement, Ford's CEO Jim Farley said, "Our investment in Canada will help build a sustainable future for the automotive industry and the communities where we operate." The investment is part of Ford's global plan to invest $22 billion in electrification by 2025.
The Canadian government is also showing support for the move, with Prime Minister Justin Trudeau stating, "This investment is a vote of confidence in Canada's economy and the talent and expertise of Canadians."
The transformation of the Oakville Assembly Complex is expected to begin in late 2023 and be completed by 2025. The plant will produce five electric vehicle models, including the Ford F-150 Lightning and the Mustang Mach-E.
With this bold move, Ford is positioning itself to be a leader in the rapidly expanding electric vehicle market, while also creating jobs and promoting sustainability.