Ford Motor Company (F) Is Investing $685M In Canada Plant
Ford Motor Company (NYSE:F) is investing C$700 million ($685 million U.S.) to add production of crossover models at a vehicle assembly plant in Ontario, Canada. Ford is going to be bringing several new global models to the plant to meet the demand in North America and around the word by producing vehicles with smarter designs and fuel efficiency.
The spending on Canadian-made auto parts will likely increase by C$200 million to a total of C$4 billion per year. Ford will be increasing their sustainability and fuel efficiency research and development capacity in Ontario, including studying light-weighting, which is the reduction of stationary emissions from industrial facilities.
“This investment is helping us find much needed capacity for global products and securing jobs, and it is positioning Oakville as one of the most competitive and important facilities in the Ford system,”
stated Ford Motor Company president of The Americas Joe Hinrichs. “Global fuel-efficient products, built in a state-of-the-art facility, by a great workforce are a win for everyone today.”
The sales of the Oakville Assembly-produced Edge in the U.S. so far in 2013 are on pace to beat the prior record of 130,000 vehicles in 2007.
The Oakville Assembly plant manufactures the Ford Edge, Ford Flex, Lincoln MKX, and Lincoln MKT.