Saying Ford is driving head on into a future of electric vehicles may be an understatement. Think more along the line of hauling a-–.
The Detroit-based auto giant said Monday 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 — $7 billion — is the largest manufacturing investment in the company's 118-year-old history.
“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,” said Ford executive chairman Bill Ford, a long-time proponent of the push to electric vehicles. “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.”
Stanton, Tennessee will see the construction of Blue Oval City, which Ford says will aid in building an "expanded" electric-truck lineup. Currently, Ford has released the all-electric SUV called the Mach-E and soon will begin producing the all-electric F-150 Lightning. The 3,600-acre campus will cover nearly 6 square miles, at a total of $5.6 billion. It's expected to created 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 dedicated battery manufacturing complex for Ford's expanding roster of electric vehicles. The 1,500-acre site will cost $5.8 billion to build and create 5,000 jobs. The location is targeted to open in 2025.
“This is our moment — our biggest investment ever — to help build a better future for America,” said Ford CEO Jim Farley. “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.”
The campuses are part of Ford's $30 billion investment in electric vehicles through 2025. Ford expects 40% to 50% of its global vehicle volume to be fully electric by 2030.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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