Ford to Invest $11.4 Billion on Electric Vehicle, Battery Plants The new sites will create 11,000 jobs and will focus on the next generation of electric F-Series trucks and the batteries to power future electric Ford and Lincoln vehicles.
By Entrepreneur Staff Edited by Emily Rella
The Ford Motor Co. announced Monday it will spend $11.4 billion on new production sites to build electric pickup trucks and cars, as well as batteries for those vehicles.
The new sites, in Tennessee and Kentucky, will create 11,000 jobs and will focus on the next generation of electric F-Series trucks and the batteries to power future electric Ford and Lincoln vehicles.
Ford Executive Chair Bill Ford appeared on "NBC Nightly News" to discuss the plan, saying, "If my great-grandfather saw our industry five years ago, it would be very recognizable to him. It hadn't changed a lot."
He said there have been "a lot of evolutions, but no revolutions" in the industry, but it's now "on the cusp of a revolution."
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"It's not just the electrification, although that's a huge piece of it," he said.
A Monday press release said this will be the largest-ever U.S. investment in electric vehicles at one time by any manufacturer. Ford is partnering with SK Innovation for the investment, "strengthening local communities and building on Ford's position as America's leading employer of hourly autoworkers."
The Tennessee site, called Blue Oval City, is worth $5.6 billion and will create 6,000 of the new jobs. Vehicles and batteries will be manufactured there. Kentucky's site, BlueOvalSK Battery Park, is worth $5.8 billion and will create 5,000 jobs. It will focus on batteries.
"This is our moment – our biggest investment ever – to help build a better future for America," said Jim Farley, Ford president and CEO, in a statement. "We are moving now to deliver breakthrough electric vehicles for the many rather than the few. It's about creating good jobs that support American families, an ultra-efficient, carbon-neutral manufacturing system, and a growing business that delivers value for communities, dealers and shareholders."
