Benzinga - Ford Motor Co (NYSE:F) on Tuesday said that it is investing C$1.8 billion ($1.34 billion) in its Oakville Assembly plant to ramp up EV production to 2 million per year by 2026-end.
What Happened: As part of Ford’s attempt to boost its EV production, the automaker is investing C$1.8 billion in its Oakville Assembly plant in Canada.
Modernization of the plant established in 1953 and spread across 487 acres will commence in the second quarter of 2024 and it will be renamed as Oakville Electric Vehicle Complex, the company said in a statement.
Under the plan, a new 407,000 square foot on-site battery plant will be set up wherein employees would assemble battery packs and install them in vehicles. EV production at the revamped and retooled plant will commence in 2025, the company added.
Late in March, Ford said that it is making a new EV manufacturing campus in West Tennessee called BlueOval City to build Ford's next-gen electric pickup truck codenamed Project T3. It will begin production in 2025 and will be capable of producing 500,000 EV trucks a year at full production, the automaker said.
Price Action: Shares of Ford closed 1.26% higher at $12.88 on Tuesday, according to data from Benzinga Pro.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More: Ford Battery Partner Mulls South Korea Expansion After Clarity On US Green Subsidies: Report
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.