Ford Motor Company (NYSE:F) shares are trading higher today. The company disclosed plans to invest around $3 billion to expand Super Duty production.
The investment includes $2.3 billion for assembly and integrated stamping operations at the Oakville Assembly Complex.
Ford is expanding production of its popular F-Series Super Duty trucks by adding a third North American assembly plant, the Oakville Assembly Complex, in Ontario, Canada.
This move will initially add capacity for 100,000 trucks and include future integration of multi-energy technology to meet Ford Pro customer demand.
Ford's expansion at the Oakville Assembly Complex in Ontario supports its Ford+ plan for growth, aiming to maximize manufacturing footprint, extend global truck leadership, and grow its Ford Pro commercial business.
Read: Tesla Cybertruck Outsells Ford F-150 Lightning And Rivian R1T Combined In May Despite Price Premium
Ford plans strategic investments to expand Super Duty production, initially securing around 1,800 jobs at Oakville Assembly Complex and adding about 150 jobs at Windsor Engine Complex, with approximately 70 additional jobs and increased overtime at U.S. component plants.
"Super Duty is a vital tool for businesses and people around the world and, even with our Kentucky Truck Plant and Ohio Assembly Plant running flat out, we can't meet the demand. This move benefits our customers and supercharges our Ford Pro commercial business," said Jim Farley, Ford president and CEO.
Notably, in the first half of 2024, the Kentucky Truck Plant and Ohio Assembly Plant manufactured over 200,000 Super Duty trucks.
Yesterday, Ford Pro launched Smart Charging Bundle in California, offering free Level 2 chargers for businesses subscribed to its charging software.
Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF (NASDAQ:FTXR) and Invesco Exchange-Traded Fund Trust II Invesco S&P Ultra Dividend Revenue ETF (NYSE:RDIV).
Price Action: F shares are up 2.07% at $14.78 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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