Ford said Tuesday it will expand production of its Super Duty trucks to a factory in Canada that was slated for a $1.34 billion transformation into an assembly plant for its next-generation of electric vehicles.
Ford will build large pickups at a Canadian factory that it had previously slated to produce electric vehicles, sales of which have slowed in recent months.
Ford will invest about $3 billion to expand production of its F-Series trucks, manufacturing some of the vehicles at a Canadian plant previously reserved for electric vehicle production, the company announced Thursday, as Ford and other automakers react to a slowed electric vehicle market.
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Ford is boosting production of its most profitable vehicles, the F-Series Super Duty trucks. The two factories that are manufacturing the trucks can't meet the current demand.
Ford Motor Co. on Thursday said it will add about 2,000 jobs to increase production of its Super Duty F-Series pickup trucks at three plants with an investment of about $3 billion.
The auto maker announced a third North American assembly plant to meet commercial demand for F-Series Super Duty trucks, Ford's biggest pickups.
Ford Motor on Thursday outlined plans to use a Canadian plant it had earmarked for a future electric vehicle to instead build larger, gasoline-powered versions of its flagship F-Series pickup truck.
Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub. The new plans include investing about $3 billion to expand Super Duty production, including $2.3 billion at Ford's Oakville Assembly Complex in Ontario, Canada, Ford said Thursday.
Ford could lose up to $5.5 billion on its Model e electric vehicle (EV) division in 2024. The automaker has already pulled back on EV investments to the tune of $12 billion.
Ford reported record SUV sales in the first half of 2024. The company's commercial vehicles are a competitive advantage.
The latest trading day saw Ford Motor Company (F) settling at $14.39, representing a +1.12% change from its previous close.