Ford Invests US$11.4bn into New Mega Campus/Battery Pant
Bringing Electric Vehicles (EVs) at Scale to American Customers
Investing US$11.4bn, Ford Motor Company has set ambitious plans to bring electric vehicles (EVs) at scale to American customers.
Ford’s investment will be spent on two new environmentally and technologically advanced campuses in Tennessee and Kentucky that will produce the next generation of the automotive manufacturers F-series trucks and the batteries to power future Ford and Lincoln electric vehicles.
The announcement marks the largest ever US investment into EVs at one time by an automotive manufacturer. Together with its partner - SK Innovation - Ford will create almost 11,000 new jobs in Tennessee and Kentucky, strengthening local communities and Ford’s position in America as a leading employer.
“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,” said Bill Ford, Ford Executive Chair.
Investing US$5.6bn, Ford has laid out plans to develop a new mega campus called Blue Oval City. The new campus will create 6,000 new jobs and ‘reimagine how vehicles and batteries are manufacturered’.
Blue Oval City will become a vertically integrated ecosystem, Ford will be able to assemble an expanded lineup of electric F-Series vehicles. The campus -designed to be carbon neutral with zero waste to landfill once fully operational - will also include a BlueOvalSK battery plant, key suppliers and recycling.
In central Kentucky, Ford is set to build a dedicated battery manufacturing complex in partnership with SK Innovation, investing US$5.8bn and creating 5,000 jobs.
The twin battery plant on site will supply Ford’s North American assembly plants with locally assembled batteries for the next generation Ford and Lincoln EVs.
Investments made into these two plants will be made via BlueOvalSK, a new joint venture formed between Ford and SK Innovation; subject to definitive agreements, regulatory approvals and other conditions.
“This is our moment – our biggest investment ever – to help build a better future for America. 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,” said Jim Farley, Ford president and CEO.
“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,” concluded Dongseob Jee, president of battery business, SK Innovation.
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