Ford announces $11.4 billion investment in electric vehicles that will create nearly 11,000 jobs
September 28, 2021 — Ford Motor Co. says it and SK Innovation are making an $11.4 billion investment to build facilities in Tennessee and Kentucky to make batteries for new electric vehicles and produce the next generation of F-Series electric trucks. The deal will create nearly 11,000 new jobs.
SK Innovation is involved in diverse industries including refining of oil, production of electronics materials and production of batteries. The Seoul, South Korea-based company plans to split off its battery business on Oct. 1 as a wholly owned subsidiary.
Ford and SK’s new $5.6 billion campus in Stanton, Tennessee, will be called “Blue Oval City” and will create approximately 6,000 new jobs. Assembly of electric F-Series vehicles will take place there. It will also include a battery plant.
Ford will also spend $5.8 billion to build a dedicated battery manufacturing complex in Glendale, Kentucky, called “BlueOvalSK Battery Park.” It will create 5,000 jobs.
Investments in the Tennessee and Kentucky plants are being made by BlueOvalSK, a joint venture to be formed by Ford and SK Innovation.
Ford’s share of the investment, $7 billion, is the largest-ever manufacturing investment made at one time by an auto manufacturer in the US.
In addition, Ford announced a $90 million investment in Texas to go toward job training and career readiness for automotive technicians.
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