Ford has announced plans to set up two battery factories in Kentucky in Central America and a third in West Tennessee, one car plant that will begin producing electric cars by 2025.
The group will invest $ 7 billion of the $ 30 billion investment announced earlier this year, with SK Innovation securing the remaining amount.
Ford pointed out that in its 118-year history it was the largest investment to establish new manufacturing plants.
“According to the Paris Climate Agreement, the investment is in support of the company’s long-term goal of creating a stable U.S. business environment and accelerating growth towards carbon neutrality,” he explained.
Ford has raised production targets for electric cars, expecting electric cars to fully reflect 40 to 50 percent of its global sales by 2030, up from 40 percent in its spring forecast.
“This is a transformational moment that will lead to the transformation of Ford electric vehicles in the United States and into a new era of clean, carbon-neutral production,” said Bill Ford, Group CEO.
He added that the group would reconcile what was once considered inappropriate: protecting the planet while contributing to America’s prosperity and creating “the cool electric cars that Americans want.”
