Daily Management Review

Ford to invest record $7B in electric vehicles in the US


US carmaker Ford said it will invest $11.4bn with South Korea's SK Innovation to build plants in the US to produce batteries for electric cars, as well as a new vehicle production site.

Tony Webster
Tony Webster
Ford itself will invest $7bn; the company says it is the largest single manufacturing investment of any US automaker.

The Tennessee plant will produce batteries for F-Series electric pickups, while the Kentucky plant will produce batteries for other Ford and Lincoln electric vehicles. Production of the new generation of electric vehicles is scheduled to begin in 2025. The investment is planned to create 10,800 jobs in the US.

Ford and Tesla have previously unveiled electric-powered F-150 Lightning and Cybertruck pick-up trucks. In September, the first company to launch an electric pick-up for sale was start-up Rivian, which had previously attracted investment from Ford.

source: reuters.com