Canada Car Loans

Ford Investing $678 in Oakville, Canada

Ford Motor Co has announced that it is going to invest C$700 (about 678 million in US dollars) in its Oakville, Canada assembly plant. The American automaker explained that the investment was needed to help the carmaker meet the increasing demand for its cars and light trucks throughout North America.

The investment will increase Ford’s yearly spending in the land of the Canucks to close to C$4 billion. Union leaders and decision makers within Ford worked together to get this decision made. “Many people have been working a long time to make this happen,” said Joe Hinrichs, president of the Americas for Ford. The move “solidifies Ford’s commitment to Canadian manufacturing.”

Governments up north also worked to attract the funds. The Canadian federal government promised C$71.6 million, while the Ontario government committed to granting up to C$70.9 million if Ford made the investment.

By fall of next year, the investment should have brought 2,800 new jobs to Oakville plant that currently employs a tad more than 3,000 unionized auto workers.  
 
Ford is the leading American carmaker in Canada.