Investor Alert

New York Markets Open in:

Oct. 18, 2021, 10:27 a.m. EDT

Ford to Spruce up U.K. Plants for EVs

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Ford Motor Co. (F)

or Cancel Already have a watchlist? Log In

Oct 18, 2021 (Baystreet.ca via COMTEX) -- Ford /zigman2/quotes/208911460/composite F -0.41% announced Monday that it intends to spend $315 million U.S. (�230 million) transforming a factory in northwest England into a site that will make components for electric vehicles.

The vehicle transmission facility in Halewood, Merseyside, will be turned into an electric power unit production plant, the U.S. motor giant said.

Ford stressed that the investment is subject to and includes U.K. government support, which reportedly amounts to �30 million.

Ford said it will start making the electric power units at Halewood in mid-2024, adding that it plans to produce around 250,000 of them at the site each year.

Last year, the U.K. government created a �500 million pot to try to persuade electric vehicle manufacturers and battery makers to expand their operations in the U.K. It wants sales of new petrol and diesel cars to end in the U.K. by 2030.

Elsewhere this year, Nissan and Stellantis, the world's fourth biggest car maker, have also announced electric vehicle investments at their U.K. plants. BMW already makes the electric Mini at a site in Oxford.

U.K. Business Minister Kwasi Kwarteng said in a statement: "Ford's decision to build its first electric vehicle components in Europe at its Halewood site is further proof that the UK remains one of the best locations in the world for high-quality automotive manufacturing."

Ford said 500 jobs at the factory will be safeguarded as a result of the investment.

F shares lost 11 cents to $15.59

COMTEX_395428968/2559/2021-10-18T10:27:28

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

/zigman2/quotes/208911460/composite
US : U.S.: NYSE
$ 19.67
-0.08 -0.41%
Volume: 68.78M
Nov. 29, 2021 4:02p
P/E Ratio
27.14
Dividend Yield
2.03%
Market Cap
$78.93 billion
Rev. per Employee
$683,570
loading...

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.