Ford to invest over $11 billion For EV Production

The Ford Motor Co. plans to fortify its push into electric vehicles as the industry accelerates green-tech investments and intends to spend $11.4 billion to build an electric F-150 assembly plant and three battery plants in the United States creating 11,000 jobs over the next four years.

The Detroit-based brand said on Monday that it will partner with SK Innovation to invest $11.4 billion to construct two mega-sites, one in Tennessee and the other in Kentucky that will build electric trucks and batteries. Ford's portion of the investment will be $7 billion and is the largest manufacturing investment in Ford’s 118-year-old history. Up from its prior forecast of 40%, the company said it now expects to have 40% to 50% of its global vehicle volume to be all-electric by 2030.

In an interview with Tom Costello on "NBC Nightly News", Ford Executive Chair, Bill Ford said, “ There were a lot of evolutions, but no revolutions. Now we’re on the cusp of a revolution.”

The 3,600-acre mega campus in west Tennessee called Blue Oval City will cover nearly 6 square miles, at a total of $5.6 billion. It's expected to create 5,800 jobs and includes the assembly plant, lithium-ion battery production and a supplier park.

Also, In central Kentucky, the company intends to build another mega campus called BlueOvalSK Battery Park to have a 1,500-acre site that will cost $5.8 billion and employ 5,000 people. It will consist of twin plants building lithium-ion batteries for Ford’s expanding roster of electric vehicles and the location is targeted to start in 2025.

Ford CEO Jim Farley said, “This is our moment, our biggest investment ever to help build a better future for America. 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.”

Currently, the company has released the all-electric SUV called the Mach-E and plans to launch the electric F-150 Lightning pickup truck next year. Earlier this month, Ford planned to double the production capacity in Dearborn, Michigan, for the F-150 Lightning to 80,000 annually due to strong pre-launch demand for the electric pickup.