Ford Motor and its battery partner SK Innovation will invest $11.4 billion for building an electric F-150 assembly plant and three battery plants in the United States.
Ford said on Monday it now expects to have 40% to 50% of its worldwide vehicle volume to be all-electric by 2030, up from its earlier forecast of 40%.
The companies are set to create almost 11,000 jobs by opening assembly and battery plants in Stanton, Tennessee, and two other battery factories in Glendale, Kentucky, as part of Ford’s previously announced plan to invest over $30 billion through 2030 on electrification, Ford said.
Plants on both sites will open in 2025.
Ford’s portion of the investment is $7 billion, with SK covering the rest. Both companies will invest $5.8 billion in Kentucky, and $5.6 billion in Tennessee.
