financetom
Business
financetom
/
Business
/
Ford Motor to Invest $3 Billion in Canadian Facility to Expand F-Series Pickup Truck Production
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Ford Motor to Invest $3 Billion in Canadian Facility to Expand F-Series Pickup Truck Production
Jul 18, 2024 9:14 AM

11:45 AM EDT, 07/18/2024 (MT Newswires) -- Ford Motor ( F ) said Thursday it plans to expand production of its F-Series Super Duty pickup trucks with a roughly $3 billion investment at a Canadian facility.

The automaker aims to assemble Super Duty at the Oakville Assembly Complex in Ontario, Canada, with production scheduled to start in 2026. The move is expected to add up to 100,000 units of Super Duty trucks at the facility as the company seeks to expand production beyond its Kentucky and Ohio plants, which are operating at full capacity.

The expansion supports "Ford's electrification plans," it said in a statement.

"Super Duty is a vital tool for businesses and people around the world and, even with our Kentucky truck plant and Ohio assembly plant running flat out, we can't meet the demand," Chief Executive Jim Farley said in a statement. The Kentucky and Ohio facilities produced more than 200,000 Super Duty trucks in the first half of this year, according to Ford.

Last year, Ford announced a plan to transform the Oakville facility into a "hub" of EV production in Canada. In April this year, it delayed the launch of its new three-row EV to 2027 from 2025.

Ford said Thursday it remains committed to developing a growing and profitable electric-vehicle business, including the introduction of three-row electric utility vehicles.

As part of its new plan, the company will spend about $2.3 billion to install assembly and integrated stamping operations at the Oakville facility. It is anticipated to initially create roughly 1,800 jobs at the plant and 150 jobs at the company's Windsor engine complex in Ontario, which will manufacture more V8 engines for the Super Duty vehicles.

"There is durable demand for Super Duty from Ford Pro customers as spending on infrastructure and related construction activity remains high," according to Ford Pro CEO Ted Cannis. "Many retail customers have not been able to get their trucks fast enough because of our production constraints."

The automaker expects to create a total of 70 new jobs at its Rawsonville components and Sterling axle plants in Michigan. It will invest $24 million in the Ohio transmission facility and $1 million in the Michigan components plant.

"This investment will benefit Ford, our employees in Canada and the US," Chief Operating Officer Kumar Galhotra said. "It is fully consistent with our Ford+ plan for profitable growth, as we take steps to maximize our global manufacturing footprint, and our investments will have a fast payback."

Price: 14.77, Change: +0.29, Percent Change: +1.97

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Stellantis Q3 Revenue Declines; Reiterates Full-Year Guidance
Stellantis Q3 Revenue Declines; Reiterates Full-Year Guidance
Oct 31, 2024
05:12 AM EDT, 10/31/2024 (MT Newswires) -- Stellantis ( STLA ) reported Thursday Q3 net revenue of 32.96 billion euros ($35.77 billion), down from 45.14 billion euros a year earlier. Analysts polled by Capital IQ expected 33.2 billion euros. The company said the decline was primarily due to lower shipments and unfavorable mix as well as pricing and foreign exchange...
Marathon Oil to dismiss 500 workers in Texas ahead of ConocoPhillips deal
Marathon Oil to dismiss 500 workers in Texas ahead of ConocoPhillips deal
Oct 31, 2024
Oct 30 (Reuters) - Marathon Oil Corp ( MRO ), which is being acquired by larger rival ConocoPhillips ( COP ), this week said it would dismiss 500 workers in Texas, according to a filing with the Texas Workforce Commission. The $22.5 billion deal, announced in May, received approval from Marathon Oil ( MRO ) shareholders but it awaiting regulatory...
Alphabet Q3 Commentary on AI Counters Bear Case, RBC Capital Markets Says
Alphabet Q3 Commentary on AI Counters Bear Case, RBC Capital Markets Says
Oct 31, 2024
03:09 PM EDT, 10/30/2024 (MT Newswires) -- Alphabet's (GOOG) Q3 commentary on artificial intelligence is countering the AI bear case on both search and higher infrastructure cost, RBC Capital Markets said in a note emailed Wednesday. During the earnings call, Google ( GOOG ) parent indicated it was seeing clear evidence that AI integrations across its products and services was...
Market Chatter: BlackRock's Alacrity Solution Seeks Debt Restructuring
Market Chatter: BlackRock's Alacrity Solution Seeks Debt Restructuring
Oct 31, 2024
03:08 PM EDT, 10/30/2024 (MT Newswires) -- BlackRock's ( BLK ) Alacrity Solutions is in restructuring talks with creditors, Bloomberg reported Tuesday, citing people with knowledge of the matter. Alacrity, an insurance claims manager acquired by BlackRock ( BLK ) in February 2023, has a debt load that includes $1 billion in unitranche financing from Antares Capital, Blue Owl Capital...
Copyright 2023-2026 - www.financetom.com All Rights Reserved