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Tuesday, May 30, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Ford invests $1.8B to redesign Oakville Assembly Complex for electric vehicles

The Oakville Electric Vehicle Complex will start producing EVs in 2025 following construction in Q2 of next year

Ford invests $1.8B to retool Oakville Assembly Complex for electric vehicles
Exterior of Ford's Oakville Assembly plant. Photo via Unifor

Ford Motor Company (NYSE: F) will be investing $1.8 billion to redesign Ontario’s Oakville Assembly Complex for electric vehicles (EVs) and plans to commence construction in Q2 next year.

The automotive giant announced the investment on Tuesday and plans to start full-scale electric vehicle production in 2025.

Ford says this is the first time a full-line automaker has announced plans to produce passenger EVs in Canada for the North American market.

Read more: General Motors invests USD$50M into lithium extraction refinery tech company

Read more: Car maker Stellantis and Rio Tinto invest in McEwen Copper Argentinian mine

The Oakville site, currently spanning 487 acres, will be transformed to include a new 407,000-square-foot battery plant utilizing components from BlueOval SK Battery Park in Kentucky. Oakville workers will assemble battery packs on-site for installation in vehicles alongside three body shops, one paint building, and one assembly building.

Ford also announced Tuesday that it was creating an electric vehicle manufacturing framework in Tennessee called BlueOval City. Combined with the SK Battery Park in Kentucky and one other battery plant in the state, Ford expects to create 11,000 jobs in the United States with production also beginning in 2025.

The automotive trade union Unifor commended Ford’s decision to make the investment. Unifor Local 707 Plant Chair Marc Brennan said the investment was a big win for the plant workers and their community and Unifor’s National President Lana Payne says restructuring the complex will create jobs.

Photo via Ford Motor Company

Read more: Volkswagen to establish the first electric battery cell facility in St. Thomas, Ontario

Read more: International lithium market to reach US$22.6B by 2030: ReportLinker

“It will be a modern, super-efficient, vertically integrated site for battery and vehicle assembly,” said Ford’s President and CEO Jim Farley.

“Once complete, the Oakville Electric Vehicle Complex will secure thousands of well-paying jobs for our hard-working Canadian autoworkers and boost the competitiveness of Canada’s auto sector,” said François-Philippe Champagne, Minister of Innovation, Science and Economic Development of Canada.

Ford’s stock rose by 1.18 per cent Tuesday to US$12.87 on the New York Stock Exchange.


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