Novo Nordisk Eyes Turnaround as Oral Wegovy Challenges Eli Lilly in Weight-Loss Drug Race 
South Korea Exports Surge 62.8% in July on AI Chip Demand 
Prysmian Nears Deal to Acquire Atkore in Potential All-Cash Takeover 
BYD July Global Vehicle Sales Rise 22% as Overseas Demand Surges 
Gold Prices Rise as Trump Delays Iran Strike, Oil Slumps 
Japanese Yen Rallies as Intervention Hopes and BOJ Outlook Weigh on USD/JPY 
Sony Raises Full-Year Outlook After Q1 Profit Jumps 40% on Gaming and Chip Growth 
UK Stock Market May Outperform if AI Bubble Bursts, Capital Economics Says 
Meta Cuts Wipro Outsourcing by 25% After AI-Led Restructuring 
Asian Stocks Slide as AI Selloff Hits South Korea, Oil Prices Drop on Iran Talks 
Apple Q3 Earnings Beat as Record iPhone Sales Offset Services, China Weakness 
AstraZeneca, Bristol Myers Squibb Explore Mega Merger Worth Nearly $400 Billion 
BOJ Holds Rates at 1% as Inflation Outlook Eases, October Rate Hike Still Possible 
Chery Invests $75 Million in KG Mobility to Expand Global Automotive Partnership 
Apple Stock Slides 7% as Weak Sales Forecast Overshadows Quarterly Earnings Beat 
US Stock Futures Rise as Trump’s Iran Talks Boost Market Sentiment Ahead of Key Earnings 
Ford Motor revealed its plans to invest $1.3 billion for the construction of a complex in Oakville, Ontario. The automaker is looking to turn this facility into a hub that will produce more electric vehicles.
Ford Motor is actually transitioning its existing Oakville Assembly Plant to the said Canadian location. The company said on Tuesday, April 11, that the goal is to transform it into a new EV facility and will be renamed Oakville Electric Vehicle Complex.
This will be the site where the Dearborn, Michigan-headquartered automobile manufacturer, will build its line of next-generation electric vehicles. Its target is to release the new EVs around mid-decade. According to CNBC, the rebuilding of the site was estimated to take six months, and work will start in the second quarter of 2024.
The overhaul at the Oakville complex will include the consolidation of the three body shops, and Ford Motor will add a battery pack assembly facility. They will use cells that will be sourced from a battery plant in Kentucky that is still under construction.
“Canada and the Oakville complex will play a vital role in our Ford+ transformation. It will be a modern, super-efficient, vertically integrated site for battery and vehicle assembly,” Ford Motor president and chief executive officer, Jim Farley, said in a press release. “I am most excited for the world to see the incredible next-generation electric and fully digitally connected vehicles produced in Oakville.”
Ford Canada’s president and CEO, Bev Goodman, further said, “Ford of Canada has been a leader in the country’s auto industry since it was founded 119 years ago. The successful transition to EV production in Oakville will help deliver stable Canadian employment with the opportunity to build the new skills and expertise to drive Ford and the industry forward.”
