South Korea Stocks Tumble as AI-Fueled Rally Faces Profit-Taking Pressure 
White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
Micron Stock Surges on Strong AI Demand, Record Revenue, and Bullish Q4 Forecast 
Trip.com Shares Tumble After Q1 Profit Drops and Weak Revenue Growth Outlook 
Cerebras Revenue Forecast Tops Expectations, but Margin Concerns Weigh on Stock 
Kioxia Targets U.S. Listing as AI Chip Boom Accelerates 
SK Hynix Moves Closer to New York ADR Listing Amid AI Chip Boom 
Nissan Halts Electric Qashqai Development Amid EV Market Challenges 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
Meta Pauses Employee Activity Tracking Program Over Data Security Concerns 
Singapore Inflation Stays Muted in May as Core CPI Misses Forecasts Ahead of MAS Review 
U.S.-Iran Diplomacy Helps Drive Gasoline Prices Down 15% From May Highs 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Japan Manufacturing Growth Accelerates in June as Orders Surge Despite Iran War Cost Pressures 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
WiseTech Global Denies Knowledge of Investigation Into Founder Richard White 
Ford UK is planning to transform its factory in Northwest England into an electric vehicle plant. The automaker made the announcement for its plans to spend $315 million or £230 million on Monday, Oct. 18.
According to CNBC, Ford’s vehicle transmission facility located in Halewood, Merseyside, will be converted into a production plant for electric car parts. Then again, the company said that the investment is still subject to and will be supported by the government of the United Kingdom.
The government will be providing 10% of the total investment for the project and it will contribute through its Automotive Transformation Fund. For this Ford UK’s plan for its facility, the total amount that will come from the U.K. government is almost £30 million as per the reports.
Once the conversion is completed, the revamped plant is expected to churn out about 250,000 power units per year starting in mid-2024. The facility will become the company’s first European in-house plant to make electric vehicle parts for Ford that vowed to offer all-electric vehicles in the region by 2030 as the combustion engines are also set to be completely banned in a few years.
“This is an important step, marking Ford’s first in-house investment in all-electric vehicle component manufacturing in Europe,” Ford of Europe president, Stuart Rowley, said in a press release. “It strengthens further our ability to deliver 100 percent of Ford passenger vehicles in Europe being all-electric and two-thirds of our commercial vehicle sales being all-electric or plug-in hybrid by 2030,”
Rowley further extended his gratitude to the government of the U.K. for its support of Ford’s important investment in the country. He said that this project also reconfirmed their continuing commitment to the U.K. and their position as a leading investor in this region’s auto industry and technological base.
“Today’s announcement, backed by government funding, is a huge vote of confidence in Britain’s economic future and our plans to ramp up electric vehicle production,” Rt. Hon. Kwasi Kwarteng MP, U.K.’s business secretary, said regarding Ford’s new investment. “It will future-proof Halewood’s proud industrial heritage and secure high-skilled, well-paid jobs across the North West for years to come.”
Meanwhile, Ford’s plant that will be converted to an E.V. parts production factory in Halewood will ensure that 500 jobs will remain in the facility for years to come.
