Ford to invest £230m in electric car parts plant in the UK

Yahoo Finance reports that Ford (F) will pump up to £230m ($315.6m) into an electric car parts plant in Halewood, Merseyside.

The factory will make electric power units for future Ford all-electric passenger and commercial vehicles sold in Europe.

Power unit production in Halewood is expected to begin in mid-2024. Production capacity is planned to be around 250,000 units a year.

The investment — which is subject to and includes UK government support through its Automotive Transformation Fund — will help safeguard Ford jobs at Halewood.

The power unit is the complete all-electric assembly that replaces the engine and transmission in a conventional petrol or diesel engine vehicle.

Ford is one of the UK’s largest exporters, exporting engines and transmissions from its facilities to more than 15 countries on six continents, with overseas sales generating around £2.5bn annually.