Ford Announces $11.4 Billion Investment in EV Plants

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  • It said that an all-new $5.6 billion mega campus in Stanton called Blue Oval City, will create approximately 6,000 new jobs
  • In central Kentucky, Ford plans to build a dedicated battery manufacturing complex with SK Innovation the $5.8 billion BlueOvalSK Battery Park creating 5,000 jobs

Ford Motor Company has announced plans to bring electric vehicles at scale to American customers with two new massive, environmentally and technologically advanced campuses in Tennessee and Kentucky that will produce the next generation of electric F-Series trucks and the batteries to power future electric Ford and Lincoln vehicles. Ford plans to make the largest ever U.S. investment in electric vehicles at one time by any automotive manufacturer and, together with its partner, SK Innovation, plans to invest $11.4 billion and create nearly 11,000 new jobs at the Tennessee and Kentucky mega-sites.

It said that an all-new $5.6 billion mega campus in Stanton called Blue Oval City, will create approximately 6,000 new jobs. Blue Oval City will become a vertically integrated ecosystem for Ford to assemble an expanded lineup of electric F-Series vehicles and will include a BlueOvalSK battery plant, key suppliers and recycling. Ford’s new Tennessee assembly plant is designed to be carbon neutral with zero waste to landfill once fully operational.

In central Kentucky, Ford plans to build a dedicated battery manufacturing complex with SK Innovation the $5.8 billion BlueOvalSK Battery Park creating 5,000 jobs. Twin battery plants on the site are intended to supply Ford’s North American assembly plants with locally assembled batteries for powering next-generation electric Ford and Lincoln vehicles. Investments in the new Tennessee and Kentucky battery plants are planned to be made via BlueOvalSK, a new joint venture to be formed by Ford and SK Innovation, subject to definitive agreements, regulatory approvals and other conditions.

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Ford Executive Chair Bill Ford said, “This is a transformative moment where Ford will lead America’s transition to electric vehicles and usher in a new era of clean, carbon-neutral manufacturing.With this investment and a spirit of innovation, we can achieve goals once thought mutually exclusive – protect our planet, build great electric vehicles Americans will love and contribute to our nation’s prosperity.”

Ford expects 40 per cent to 50 per cent of its global vehicle volume to be fully electric by 2030. Dongseob Jee, president of battery business, SK Innovation said, “We are proud to be partnering with Ford as they open a new chapter in automobile history. We are excited to be taking this decisive leap together, as partners, and to bring about our common vision for a cleaner planet. Our joint venture, BlueOvalSK, will embody this spirit of collaboration. We look forward to growing our trust-based partnership by delivering on our market-leading value proposition, experience and cutting-edge expertise.”

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