January 8, 2020

The Canadian and Ontario governments are investing a combined 590 million dollars to retool a Ford plant in Oakville, Ont., for electric vehicle production.

The federal government is putting in $495 million, while the province is contributing $96 million through its green investment fund.

The money will be used to upgrade the plant so that it can build Ford's new line of electric vehicles.

The move is part of a larger Ford plan to invest $11.5 billion in electric vehicles by 2022, and to have 40 percent of its global vehicle sales be electric by 2030.

"Ford's commitment to investing in Canada is a vote of confidence in our highly skilled workforce and our ability to compete in the global economy," said federal Innovation Minister Navdeep Bains in a statement.

"This investment will create good, well-paying jobs for the middle class and those working hard to join it."

Ontario Premier Doug Ford said the investment will secure the future of the Oakville plant, which employs about 4,000 people.

"Our government is proud to partner with Ford on this historic investment," Ford said.

"This is great news for the workers at Ford's Oakville facility and for the entire province."

The Oakville plant currently builds the Ford Edge and Lincoln Nautilus SUVs. It will start building electric vehicles in 2023.