Ford to invest $1.46 billion in Canada as part of Unifor union deal

by SpeedLux

Ford Motor will invest C$1.95 billion ($1.46 billion) in plants located in Oakville and Windsor in Canada as part of a tentative deal with Canadian autoworkers, Unifor union National President Jerry Dias said on Tuesday.

The deal includes retooling the Oakville plant to build five electric vehicles (EV) models between 2025 and 2028, with the first EV coming from the assembly line in 2025, Dias said.

The federal government, along with the Ontario government, is aiming to invest in turning the Oakville plant over to the production of EVs, an investment that could keep the facility open for years, a government source verified on Tuesday.

“We’re in the midst of negotiation” of how much money the Ontario government would pour into the automaker’s electric car production line, Ontario Premier Doug Ford said on Tuesday.

He did not say how much the province was thinking about regarding the contribution.

The Toronto Star and the Canadian Broadcasting have reported that the two governments could pitch in up to C$500 million ($375 million).

Credit Suisse analyst Dan Levy stated the deal is important for Ford as it prevents a strike at the U.S. automaker’s Canada plants and addresses spare capacity.

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