Ford to build two $ 11.4 billion mega campuses for electric car production
To say that Ford is heading head-on towards an electric vehicle future might be an understatement. Think more about the a-– towline.
The Detroit-based auto giant announced Monday that it will partner with SK Innovation to invest $ 11.4 billion in building two “mega-sites” – one in Tennessee and one in Kentucky – who will build electric trucks and batteries. Ford’s share of the investment – $ 7 billion – is the largest manufacturing investment in the company’s 118-year history.
“This is a transformative time where Ford will lead America’s transition to electric vehicles and usher in a new era of clean, carbon-neutral manufacturing,” said Ford Executive Chairman Bill Ford, a long-time supporter. date of the push towards electric vehicles. “With this investment and a spirit of innovation, we can achieve goals once thought to be mutually exclusive – protecting our planet, building great electric vehicles that Americans will love and help our nation prosper.”
Stanton, Tennessee will see the construction of Blue Oval City, which Ford says will help build an “expanded” line of electric trucks. Currently, Ford has launched the all-electric SUV called the Mach-E and will soon start producing the all-electric F-150 Lightning. The 3,600-acre campus will cover nearly 6 square miles, for a total of $ 5.6 billion. It should create 6,000 jobs.
Ford did not provide an opening date for the site.
No less impressive is the other mega campus slated to open in Glendale, Kentucky. Dubbed BlueOvalSK Battery Park, it will be a battery manufacturing complex dedicated to Ford’s growing list of electric vehicles. The 1,500-acre site will cost $ 5.8 billion to build and create 5,000 jobs. The site is expected to open in 2025.
“This is our time – our biggest investment ever – to help build a better future for America,” said Jim Farley, CEO of Ford. “We are now striving to deliver revolutionary 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 to communities, dealers and shareholders.
The campuses are part of Ford’s $ 30 billion investment in electric vehicles through 2025. Ford expects 40 to 50 percent of its global vehicle volume to be fully electric by 2030.
Brian Sozzi is an editor and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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