Ford Motor Company and its Korean battery partner SK Innovation will invest $11.4 billion to build an electric F-150 assembly plant and three battery plants in the United States, accelerating the U.S. automaker's push into electric vehicles.
Ford said it now expects to have 40% to 50% of its global vehicle volume to be all-electric by 2030, up from its prior forecast of 40%.
The companies intend to create nearly 11,000 jobs by opening assembly and battery plants in Stanton, Tennessee, and two additional battery factories in Glendale, Kentucky, as part of Ford's previously announced plan to spend more than $30 billion through 2030 electrification, Ford said. Plants on both sites will open in 2025.
Monday's announcement is the single largest manufacturing investment in Ford's 118-year history.
The Tennessee assembly and battery complex will be about three times Ford's sprawling, century-old Rouge manufacturing complex in Dearborn, Michigan.
The No.2 U.S. carmaker's investment portion is $7 billion, with SK covering the rest. The companies will invest $5.8 billion in Kentucky and $5.6 billion in Tennessee.
The South Korean battery maker, which supplies electric car batteries to Ford Motor and Hyundai Motor Co, has battery production sites in the United States, Hungary, China, and South Korea.
With its three additional battery factories and two battery plants in Georgia, SK Innovation is set to secure an annual capacity of about 150 gigawatt-hours (GWh) of batteries in the United States.
Ford, which plans to launch the electric F-150 Lightning pickup truck next spring, has moved more aggressively to roll out its EV strategy under Jim Farley, who took over as chief executive last October. Earlier this month, Ford doubled the planned production capacity in Dearborn, Michigan, for the F-150 Lightning to 80,000 annually due to strong pre-launch demand for the electric pickup. read more
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