Both Ford and SK Innovation will invest in the projects.
The factories will be running by 2025.
Demand for EVs continues to grow and is expected to increase dramatically over the coming years. In order to prepare for this inevitable future, Ford and SK Innovation will invest a combined $11.4 billion in new EV and battery facilities in the US.
Most automakers are bracing for the surge in demand for EVs by increasing battery output production. GM, Tesla, and Volkswagen have already committed huge sums to build new factories, and Ford will do the same.
Ford’s $7 billion and SK’s $4.4 billion will, in part, go towards the “mega campus” in Stanton, Tennessee, which will be called Blue Oval City. This facility will be key in assembling the expanded lineup of electric F-series vehicles and will also include a battery plant, key suppliers, and handle recycling. A dedicated battery manufacturing complex will be built in central Kentucky. Both mega facilities should be online for 2025.
These outlays are part of Ford’s planned $30 billion investments in EVs by 2025. “This is a new Ford,” Ford CEO Jim Farley said to The Verge. “This is show, not tell time.”