⚡ Get All Content for 20% Off ⚡

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

entrepreneur daily
NurPhoto | Getty Images

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."

Related: Ford CEO Takes a Jab at Tesla for Treating Customers Like Guinea Pigs

"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."

Entrepreneur Staff

Entrepreneur Staff

Editor

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Remote Side Hustle a 43-Year-Old Musician Works on for 1 Hour a Day Earns Nearly $3,000 a Month: 'All From the Comfort of Home'

Sam Ziegler wanted to supplement his income as a professional drummer — then his tech skills and desire to help people came together.

Business News

Costco CFO Reveals Uncertain Fate of $1.50 Hot Dog and Soda Combo

CFO Richard Galanti reveals that the price will stay the same — but only "for a while."

Business News

The Most Unexpectedly Popular Side Hustle of the Decade Has Low Startup Costs and High Markups

A new report shows that vending machines are a popular investment — and the industry is set to grow up to $3 billion by 2031.

Marketing

Ever Wonder Why Certain Websites Rank Higher Than Yours? This SEO Expert Reveals The Secret to Dominating Search Results

It's often the smart use of SEO, now supercharged with AI, particularly in keyword optimization.

Business News

AI Is Impacting Jobs. Here Are the Gigs Affected the Most, According to an Analysis of 5 Million Upwork Postings

The researcher said in the report that freelance jobs were analyzed first because that market will likely see AI's immediate impact.

Leadership

Former Interrogator Shares 5 Behaviors Liars Exhibit and How to Handle Them

Five deceptive behaviors to look for and how to respond to those behaviors when you encounter them.