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Ford Speeds To Electric With $11.4 Bn Investment

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US car manufacturer Ford said Monday it plans to invest $11.4 billion in electric vehicle production, in a bid to position itself to lead the United States' shift away from climate-damaging fossil fuels.

The company said it will build four new plants to produce electric vehicles and batteries that will create 11,000 new jobs by 2025.

Together with its South Korean partner SK Innovation, Ford will build the factories in Kentucky and Tennessee, the automaker said in a statement.

Ford will invest $7 billion, part of a $30 billion investment already announced last spring, and SK Innovation will put up the remainder.

Ford said it would be the "largest, most advanced, most efficient auto production complex in its 118-year history" and would place the company at the forefront of the country's shift to electric vehicles.

The statement said: "This investment supports the company's longer-term goal to create a sustainable American manufacturing ecosystem, and to accelerate its progress towards achieving carbon neutrality, backed by science-based targets in line with the Paris Climate Agreement."

Topic starter Posted : 29/09/2021 6:51 am