• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 3 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 hour California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 3 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Nord Stream - US/German consultations
  • 4 days An Indian Opinion on What is Going on in China
  • 408 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 1 day Forecasts for Natural Gas
  • 4 days Storage of gas cylinders
  • 5 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.

Ford Just Made Its Biggest Investment Ever

Ford Motor Company plans to make the largest investment in its history in U.S. manufacturing sites that would build the electric F-Series trucks and the batteries to power future electric Ford and Lincoln vehicles in an $11.4-billion partnership with its South Korean battery partner, SK Innovation.

Ford will invest $7 billion of the planned sum—its largest-ever manufacturing investment at one time by any automotive manufacturer in the U.S., the American automaker said in a statement.

The plan envisages the construction of a $5.6 billion production complex in Stanton, Tennessee, called Blue Oval City. The complex will build next-generation electric F-Series pickups and advanced batteries, creating around 6,000 new jobs, Ford said.

The carmaker also plans to build a dedicated battery manufacturing complex with SK Innovation—the $5.8 billion BlueOvalSK Battery Park—in Glendale in central Kentucky. Twin battery plants on the site are intended to supply Ford’s North American assembly plants with locally assembled batteries for powering electric Ford and Lincoln vehicles.

Production at the sites is expected to begin in 2025.

“This is our moment – our biggest investment ever – to help build a better future for America,” said Jim Farley, Ford president and CEO.

“We are moving now to deliver breakthrough electric vehicles for the many rather than the few,” Farley added.

Ford and the other two of Detroit’s Big Three are accelerating EV plans in recent months, especially after U.S. President Joe Biden signed last month an executive order, setting a target to make 50 percent of all new vehicles sold in the United States in 2030 zero-emission vehicles.

Ford Motor, General Motors, and Stellantis issued a joint statement on the Administration’s goal, announcing their shared aspiration to achieve sales of 40-50 percent of annual U.S. volumes of electric vehicles (battery electric, fuel cell, and plug-in hybrid vehicles) by 2030 in order to move the nation closer to a zero-emissions future consistent with Paris climate goals.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News