Canadian automobile manufacturer Ford Motor is set to invest C$700m ($681.7m) at its Oakville assembly plant to expand its manufacturing capability .
This investment is a part of the company's effort to meet the demand in North America and around the world.
According to the company, sales of the Oakville Assembly-produced Edge in the US - Edge's biggest market - so far in 2013 are on pace to overtake the prior record of 130,000 vehicles set in 2007.
Ford will manufacture several new global models at this plant. Oakville Assembly currently manufactures Ford Edge, Ford Flex, Lincoln MKX and Lincoln MKT.
Work on the transformation at Oakville Assembly, which is already under way, is expected to be completed by fall 2014. The new investment is expected to generate 2,800 jobs in the region.
Ford The Americas president Joe Hinrichs said that this investment is helping them find much needed capacity for global products and securing jobs, and it is positioning Oakville as one of the most competitive and important facilities in the Ford system.
"If consumers suddenly shift their buying habits, we can seamlessly change our production mix without having to idle a plant," Hinrichs added.
"Flexible manufacturing enables us to get vehicles to consumers faster than ever before. This is a great value proposition for everyone."
Approximately C$200m ($194.7m) of the total investment will be spent on Canadian-made auto parts. The company will also increase its sustainability and fuel efficiency research and development capacity in Ontario.
These initiatives include supporting studies in vehicle light-weighting, the reduction of stationary emissions from industrial facilities, and research into advanced engine development at Ford's powertrain research facilities in Windsor.
With the latest announcement, Ford has now invested more than C$2bn ($1.95bn) in Canada in less than a decade. In 2004, Ford announced a C$1bn ($1.95bn) investment for Oakville Assembly to introduce flexible manufacturing to the facility. In 2010, the company announced a C$590m ($577.04m) investment for Essex Engine Plant in Windsor.
