Ford begins construction on $5.6 billion Tennessee electric truck factory
Ford CEO Jim Farely explains what drove the automaker’s investment in ICE vehicles
FOX Business correspondent Grady Trimble speaks to Ford CEO Jim Farley about the evolution of the company’s electric vehicle and ICE businesses.
Construction of Ford's new Blue Oval City manufacturing complex in Stanton, Tennessee, is now well underway following its announcement last September.
The $5.6 billion campus is scheduled to begin production of electric trucks and batteries in partnership with Korea's SK On in 2025.
Building supports have begun rising from the property for a facility that will cover six square miles and employ 6,000 workers when it is completed.
"This facility is the blueprint for Ford’s future manufacturing facilities and will enable Ford to help lead America’s shift to electric vehicles," Eric Grubb, Ford’s director of new footprint construction said.
FORD CEO JIM FARLEY EXPLAINS WHY THE BRAND ISN'T GOING ALL-ELECTRIC LIKE GM
Blue Oval City will cover six square miles when complete. (Ford) The project is being supported by a $884 million incentive program from the state of Tennessee and is expected to create an additional 21,000 indirect jobs, according to government officials. Tennessee Governor Bill Lee called it the "single-largest investment in state history." Blue Oval City is slated to build electric pickups and batteries. (Ford) The factory will build a next generation F-Series "electric pickup that’s different than" the current F-150 Lightning, Ford CEO Jim Farley said in April. IN OR OUT: FORD GIVES DEALERS ULTIMATUM ON EV SALES Blue Oval City is part of a broader regional electric vehicle manufacturing investment by Ford that includes a $5.8 billion battery factory in Kentucky. Ford CEO Jim Farley said Blue Oval City will build a next generation electric F-Series pickup. (Photo by Bill Pugliano/Getty Images / Getty Images) Ford is aiming to have the global capacity to build two million electric vehicles annually by 2026, which would represent nearly a third of its output, but has not committed to a timeframe for going all-electric in the U.S. The total cost for Blue Oval City is $5.6 billion. (Ford) Ford this year split its business into the Model e division dedicated to electric vehicles and Ford Blue, which is focused on internal combustion engine models and hybrids. Farley this month told the company's dealers that they will have the option to just sell Ford Blue products if they don't want to make the investments required to support EV sales. Source: Read Full Article
GET FOX BUSINESS ON THE GO BY CLICKING HERE