🚀 Ford expanding non-EV production in Canada

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Market Overview
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Year To Date Performances:

1. Ford Motor is shifting gears by expanding production of its Super Duty trucks to the Oakville Assembly Complex in Ontario, originally slated for electric vehicle (EV) production. The $3 billion investment includes $2.3 billion for the Canadian plant and additional funds for U.S. and Canadian facilities. Starting in 2026, the Oakville plant will produce 100,000 units annually. The previous $1.3 billion investment for EV production, including a new SUV, is postponed until 2027. Ford plans to electrify the next-generation Super Duty trucks but has not provided specific details. This adjustment is part of CEO Jim Farley's Ford+ strategy, which aims for profitable growth amid slower-than-expected EV adoption.

2. The Biden administration will cancel $1.2 billion in student debt for 35,000 public service workers, thanks to recent improvements to the Public Service Loan Forgiveness (PSLF) program. Originally signed into law by President George W. Bush in 2007, the PSLF program aims to forgive federal student loans for not-for-profit and government employees after ten years of repayment. However, the program has faced numerous challenges, resulting in limited eligibility. These improvements seek to address these issues and expand access to loan forgiveness for more public service workers.

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4. Headlines

   1. On Wednesday, the Nasdaq had its worst day since 2022, falling 2.8%. This is largely due to investors cycling out of tech stocks into small caps. In the past five days, the Russell 2000 has been up 9%.

   2. Volvo stock was up 7% on opening yesterday after the company announced a record operating profit.

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