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Ford Motor Company (NYSE:F) will reorganize operations for its factory in Oakville, Ontario, Canada to produce EVs, according to a statement on Tuesday.
The Dearborn-based automaker announced a C$1.8B ($1.33B) investment in order to transform its Ontario plant into a “hub of electric vehicle manufacturing” and battery pack assembly. The company plans to produce 2M EVs per annum by the end of 2026, aided significantly by the transformed factory.
“Canada and the Oakville complex will play a vital role in our Ford+ transformation. It will be a modern, super-efficient, vertically integrated site for battery and vehicle assembly,” CEO Jim Farley commented. “I’m most excited for the world to see the incredible next-generation electric and fully digitally connected vehicles produced in Oakville.”
The plant currently manufactures Ford Edge and Lincoln Nautilus SUVs. Upon completion of plant changes in Q2 2024, the complex is slated to employ 3,000 workers in a 5.4M square foot facility. EV production at the plant is set to begin in 2025.
Ford (F) shares rose 1.75% on Tuesday.
Read more UBS’ analysis of auto production in 2023.
