US-headquartered global car manufacturer Ford has announced that it will invest $11.4 billion to produce electric vehicles for the US market. The investment will allow Ford to build 4 new manufacturing facilities for
The automaker will build its biggest production facility in Tennessee and two battery packs in Kentucky. The projects will be implemented in partnership with the South Korean firm SK Innovation.
Ford will invest $7 billion as part of its $30 billion overall smart mobility plan whilst SK Innovation will invest the remaining $4.4 billion.
“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,” according to a statement issued by Ford. The company has a target to achieve carbon neutrality across its global operations by 2050.
Jim Farley, Ford’s president, added: “This is our moment – our biggest investment ever – to help build a better future for America.
Kaynak: SmartEnergy