Ford and SK Innovation with USD 11.4bn investment in US
Ford and SK Innovations are investing USD 11.4 billion in new locations in the US. A new campus in Tennessee and two battery facilities in Kentucky are envisioned to create around 11'000 new jobs.
An new USD 5.6 billion campus in Stanton, Tenn., called Blue Oval City, will create approximately 6'000 new jobs. In central Kentucky, Ford plans to build a dedicated battery manufacturing complex with SK Innovation – the USD 5.8 billion BlueOvalSK Battery Park – creating 5'000 jobs. Twin battery plants on the site are intended to supply Ford’s North American assembly plants with locally assembled batteries for powering next-generation electric Ford and Lincoln vehicles. Investments in the new Tennessee and Kentucky battery plants are planned to be made via BlueOvalSK, a new joint venture to be formed by Ford and SK Innovation, subject to definitive agreements, regulatory approvals and other conditions. “This is a transformative moment where Ford will lead America’s transition to electric vehicles and usher in a new era of clean, carbon-neutral manufacturing. With this investment and a spirit of innovation, we can achieve goals once thought mutually exclusive – protect our planet, build great electric vehicles Americans will love and contribute to our nation’s prosperity,” said Ford Executive Chair Bill Ford. Ford’s share of the investment is roughly USD 7 billion and is part of the car manufactrers more-than-USD 30 billion investment in electric vehicles through 2025. "We are proud to be partnering with Ford as they open a new chapter in automobile history. We are excited to be taking this decisive leap together, as partners, and to bring about our common vision for a cleaner planet. Our joint venture, BlueOvalSK, will embody this spirit of collaboration. We look forward to growing our trust-based partnership by delivering on our market-leading value proposition, experience and cutting-edge expertise,” said Dongseob Jee, president of battery business, SK Innovation.
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