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FORD MOTOR COMPANY

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Ontario Pushes Electric Vehicle Manufacturing

12/01/2021 | 07:09am EST

Southwestern Ontario is the top-ranked vehicle assembly jurisdiction in North America and a leading technology hub. Ontario's automotive sector accounts for over 100,000 jobs and supports many more in the supply chain. It is the only place in North America where five major automakers build vehicles: Ford, GM, Honda, Stellantis and Toyota. On November 17, 2021, the Ontario government announced increased investments in electric vehicle (EV) and battery manufacturing.
 
Below are five key takeaways from these announcements:

  1. Long-Term Plan. In Phase II of Ontario's plan, Driving Prosperity: The Future of Ontario's Automotive Sector, the province aims to strengthen the auto industry and make the province more competitive for new investments in response to the global demand for EVs. It also aims to support the related domestic parts producers, workers and innovators.
  2. The Aspiration. The plan calls for the sector to build at least 400,000 EVs and hybrid vehicles by 2030. Ontario wants to secure production mandates for hybrid and EVs to create a domestic battery ecosystem and position the province as a North American automotive innovation hub.
  3. The Goals.  Ontario said it will partner with the auto sector to implement new automaker mandates for hybrid and battery EVs, establish and support an electric battery supply chain ecosystem that connects northern Ontario's mineral wealth with the manufacturing strength of southern Ontario, innovate at every stage of development and equip auto workers with the necessary skills to secure rewarding, high-paying jobs.
  4. Public Funding. Ontario previously committed C$56.4-million over the next four years through the Ontario Vehicle Innovation Network to support innovation and transformation in our auto-tech system. The province also points to programs such as the Regional Development Fund and reductions to the cost of doing business that it claims total nearly C$7-billion.
  5. Investment by Automakers.  In the past year, major automakers such as Ford, Stellantis and GM have invested almost C$6-billion in Ontario assembly operations, including around C$4-billion in transformative investments in EV production.

For permission to reprint articles, please contact the Blakes Marketing Department.

© 2020 Blake, Cassels & Graydon LLP.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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© Mondaq Ltd, 2021 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing

Stocks mentioned in the article
ChangeLast1st jan.
FORD MOTOR COMPANY -4.62% 20.65 Delayed Quote.4.24%
STELLANTIS N.V. -3.54% 18.128 Delayed Quote.12.63%
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Financials (USD)
Sales 2021 127 B - -
Net income 2021 6 586 M - -
Net cash 2021 5 618 M - -
P/E ratio 2021 12,3x
Yield 2021 0,48%
Capitalization 82 522 M 82 522 M -
EV / Sales 2021 0,61x
EV / Sales 2022 0,49x
Nbr of Employees 186 000
Free-Float 98,0%
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Number of Analysts 22
Last Close Price 20,65 $
Average target price 22,04 $
Spread / Average Target 6,72%
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Managers and Directors
James D. Farley President, Chief Executive Officer & Director
John T. Lawler CFO-Ford Asia Pacific & Africa
William Clay Ford VP & Head-Commercial Truck Vehicle Center
Douglas Field Chief Advanced Technology Officer
Michael R. Amend Chief Digital & Information Officer
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