Ford Motor Co and its Korean battery partner SK Innovation have reached a fresh agreement to jointly investUS$11.4 billion in the development of an electric F-150 assembly plant and three battery plants in the United States.
This move will speed up the US-based automaker’s push into electric vehicles and related technology.
Ford announced on Monday that it is on course to have 40% to 50% of its global vehicle volume running all-electric systems by 2030, an improvement on its initial projection of 40%.
Both firms also project that 11,000 jobs will be created by the opening of its assembly and battery plants in Stanton, Tennessee, and two additional battery factories in Glendale, Kentucky.
This is part of a larger plan by Ford to spend over US$30 billion through 2030 on its transition to electric systems. These plants are scheduled to commence operation in 2025.
Monday’s announcement is the single largest manufacturing investment in Ford’s 118-year history.
“For us, this is a very transformative point where we are putting our capital in place now in a very big way to lead the transition to EVs,” Ford North American Chief Operating Officer Lisa Drake said.
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