Ford has said that it will spend $1.34 billion to turn its 70-year-old Oakville facility in Canada into an assembly plant for its next generation of electric vehicles.
The campus was first opened in 1953 and is planned to be renamed Oakville Electric Vehicle Complax. Ford have announced plans to modernise the 487-acre site in the second quarter of 2024.
The new renovation will include completely retooling the facility that currently produces the internal combustion engine-powered Ford Edge and Lincoln Nautilus to one that only produces EVs. This will be the first time that Ford has completely retooled an existing plant for EVs in North America.
“I’m most excited for the world to see the incredible next-generation electric and fully digitally connected vehicles produced in Oakville,” CEO Jim Farley said in a statement.
Ford has also announced plans to modernise its assembly plant in Cologne, Germany and build a $5.6 billion complex in Tennessee known as “BlueOval” that will be the epicenter of its future electric vehicles.
The company has also announced plans to invest $3.5 billion to build a factory in Michigan that will produce cheaper lithium iron phosphate batteries for its growing portfolio of electric vehicles.