By Ben Klayman
5 MIN READ
Read more: https://www.reuters.com/article/ford-mo ... SL1N2QQ1G3
DETROIT (Reuters) - Ford Motor Co and its Korean battery partner SK Innovation will invest $11.4 billion to build an electric F-150 assembly plant, and three battery plants in the United States, accelerating the No. 2 U.S. automaker’s push into electric vehicles.
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A battery manufacturing complex U.S automaker Ford Motor Co and its South Korean battery partner SK Innovation plan to build in Kentucky, opening in 2025, is seen in an artist's renditon released September 27, 2021. Ford Motor Co/Handout via REUTERS
Ford also said on Monday it now expects to have 40% to 50% of its global vehicle volume to be all-electric by 2030, up from its prior forecast of 40%.
The companies intend to create nearly 11,000 jobs by opening assembly and battery plants in Stanton, Tennessee, and two additional battery factories in Glendale, Kentucky, as part of Ford’s previously announced plan to spend more than $30 billion through 2030 on electrification, Ford said. Plants on both sites will open in 2025.
Monday’s announcement is the single largest manufacturing investment in Ford’s 118-year history. The Tennessee assembly and battery complex will be about three times the size of Ford’s sprawling, century-old Rouge manufacturing complex in Dearborn, Michigan, Ford North American Chief Operating Officer Lisa Drake told Reuters in an interview. She emphasized there will be room to expand on that site.
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