Ford, SK Innovations Co-Invest US$11.4 billion to Build Enormous Electric Vehicle Factories

• 28 September 2021
• Construction Focus
• 2251 Views

Ford Motor Co. and South Korea-based energy company SK Innovations are co-investing US$11.4 billion to build two new enormous manufacturing campuses for electric vehicles, reported CNN on 27 September.

Ford plans to share US$7 billion in the investment, which is part of its mega US$30 billion spending toward its shift to building more electric vehicles until 2025. Ford expects 40% of its sales worldwide to be fully electric vehicles by 2030.

Meanwhile, the two projects will be located in the US states of Kentucky and Tennessee, which will also include three electric vehicle battery manufacturing plants and a factory to build electric pickup trucks.

“The EV future is going to transform over the next few decades, and we want to be able to grow the capacity as the EV market expands,” said Ford Chief Operating Officer Lisa Drake.

“The factories will begin production of batteries and trucks in 2025,” she added.

Ford also announced it is investing a total of U$525 million across the United States over the next five years to train electric vehicle repair technicians.

• Projects Development