Ford to invest $11.4 billion for Electric Vehicles production

Ford (F) is investing $11.4 billion on a new mega campus in Tennessee and Twin Battery Plants in Kentucky, which will result in the creation of 11,000 jobs.

Image- Ford

Ford CEO Jim Farley remarked, “This is our time – our greatest investment ever – to help build a brighter future for America.” “Right now, we’re working to provide ground-breaking electric vehicles to the many rather than the few. It’s about generating excellent employment for Americans, a highly efficient, carbon-neutral manufacturing system, and a thriving company that benefits communities, dealers, and shareholders.”

Blue Oval City, a $5.6 billion mega campus in Stanton, Tennessee, will have a whole new electric vehicle manufacturing environment. The city will be one of the largest car manufacturing sites in US history, according to the manufacturer, with 6,000 jobs to be created.

West Tennessee, according to Tennessee Governor Bill Lee, is well-positioned to provide the manpower and quality of life required to help Ford Motor Company and SK Innovation develop the next great American success story.

Tennessee Governor Bill Lee remarked, “This is a watershed moment for Tennesseans as we lead the future of the automotive sector and sophisticated manufacturing.”

The twin battery facilities of BlueOvalSK Battery Park in Glendale, Kentucky, will generate a total of 86 gigawatt-hours per year. Approximately 5,000 new employment will be created in Kentucky as a result of the Battery Park.

Kentucky Governor Andy Beshear said, “This is the single largest investment in our state’s history, and this project reinforces our leadership role in the future of the automobile manufacturing sector.” Ford will contribute $7 billion as part of a $30 billion commitment announced last spring, with the rest coming from SK Innovation.

Ford claims it will be the “biggest, most sophisticated, and most efficient car production complex” in the company’s 118-year history, putting it at the vanguard of the country’s transition to electric vehicles. According to the statement, the firm anticipates between 40 and 50 percent of its global vehicles to be entirely electric by 2030.

“This is a revolutionary moment where Ford will lead America’s transition to electric cars and usher in a new age of clean, carbon-neutral manufacturing,” said Bill Ford, executive chairman.

“With this investment and an entrepreneurial spirit, we can achieve goals that were formerly considered to be mutually incompatible — protect the environment, develop wonderful electric vehicles that Americans will enjoy, and contribute to our country’s economy,” he said.

The news came as the company’s new F-150 Lightning pickup truck and other electric vehicles, such as the E-Transit and the Mustang Mach-E, were in high demand. The company’s CEO, Jim Farley, stated, “We are working immediately to create breakthrough electric vehicles for the many rather than the few.”

He said the investment was “about creating decent employment that supports American families,” echoing a concept central to President Joe Biden’s economic ambitions.