And earlier this month, the company said it would spend an additional $250 million to boost production of the forthcoming Michigan-built battery-electric F-150 Lightning due to higher-than-expected demand. Last week, Ford announced a $50 million investment in and partnership with a major battery recycling company. In May, Ford announced the joint venture with SK, and that it would increase its investment in electrification to $30 billion through 2025. The investments come amid a recent acceleration of Ford's push toward electrification. over the next five years, starting with $90 million in Texas, to train skilled technicians to service digitally connected, electric vehicles. The automaker also announced Monday that it will spend $525 million total in the U.S. We look forward to reaching out and helping develop this new workforce to build these world-class vehicles and battery components.” "The UAW has always taken a lead in manufacturing innovation with our employer partners. "The UAW looks forward to continuing our long-time partnership with Ford as consumers transition to make electric vehicles in the right way," United Auto Workers President Ray Curry said in a statement. The automaker has said it expects 40% to 50% of its global vehicle volume to be fully electric by 2030. Of the total investment, Ford will contribute $7 billion, which it says is its largest manufacturing investment ever. In a statement, Ford Executive Chairman Bill Ford dubbed the move a "transformative moment where Ford will lead America's transition" and said it will allow the company to "achieve goals once thought mutually exclusive - protect our planet, build great electric vehicles Americans will love and contribute to our nation's prosperity." "This is a major step up for Ford in the EV arms race as the Detroit stalwart is laser-focused on transforming as part of this green tidal wave," said Dan Ives, senior equity analyst at Wedbush Securities, in an email, as Ford's stock traded up more than 4% after market's close. "These four new plants are very strategic and the right move at the right time." production capacity - enough power to drive 1 million electric vehicles, according to Lisa Drake, Ford's chief operating officer for North America." Each of the three battery plants targets about 43 gigawatt hours per year of U.S. Production at the new facilities is slated to begin in 2025. The funding and acreage are dependent on Ford fulfilling its end of the bargain hitting the jobs, wage and investment numbers promised to the state - which will be measured annually, said Larry Hayes, secretary of Kentucky's Economic Development Cabinet. The 1,500 acres will be transferred to the company. Using state incentives, Ford will be able to take advantage of up to $250 million in forgivable loans and $36 million of skills training investment. It will transform our economy, creating a better Kentucky, with more opportunities, for our families for generations."Įarlier this month, the state's Legislature passed a $410 million economic incentive package aimed at luring massive investment projects to the state. Andy Beshear, a Democrat, said the investment was the largest in the state's history, and he added the project "solidifies our leadership role in the future of the automotive manufacturing industry. There, some 5,000 workers will be spread across two battery plants that will support future Ford and Lincoln EVs built at Ford's North American assembly plants. Meanwhile, Ford and SK - via their joint venture, BlueOvalSK - plan to build the $5.8 billion, 1,500-acre BlueOvalSK Battery Park in Glendale, Kentucky, a small town in Hardin County in the central part of the state. “This is a watershed moment for Tennesseans as we lead the future of the automotive industry and advanced manufacturing.” “West Tennessee is primed to deliver the workforce and quality of life needed to create the next great American success story with Ford Motor Company and SK Innovation,” said Tennessee Gov. MORE: Jim Farley on Ford's EV strategy: 'We are taking the lead' It's envisioned to be what Ford describes as a "vertically integrated ecosystem" consisting of a vehicle assembly plant, a battery plant jointly operated by Ford and SK, as well as facilities for suppliers and battery recycling operations. Ford says the new assembly plant will be carbon neutral with zero waste to landfill when it's fully operational in 2025.
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