Ford Motor said Tuesday it is going to invest $700 million and add 500 jobs at its Kentucky plant to support the production of its new 2023 model year F-Series Super Duty truck.
The automaker and its South Korean battery partner SK Innovation said last year in September that they would invest $11.4 billion for building an electric F-150 assembly plant and three battery plants in the United States.
The companies said they will spend $5.8 billion in Kentucky, and $5.6 billion in Tennessee.
The Kentucky JV will bring 5,000 jobs.
The Kentucky Economic Development Finance Authority (KEDFA) approved a supplemental project to the present agreement with Ford on Tuesday. It can provide up to $430 million in cumulative tax incentives based on the automaker’s total cumulative investment of $3.65 billion with a yearly job target requirement of up to 12,500 over the term of the agreement.
If the automaker meets annual targets, it can keep a part of the new tax revenue it generates by claiming eligible incentives against its income tax liability and/or wage assessments.
Ford employs over 12,000 people in Kentucky.
