Ford announced Monday a massive $11.4 billion investment in its plans to build electric vehicles.
The company, alongside battery partner SK Innovation, plans to build three new production facilities in Tennessee and Kentucky that will build both electric vehicles and batteries. Ford said the initiative will create 11,000 jobs.
Ford said the investment was spurred by strong demand for the all-new Ford F-150 Lightning truck, E-Transit and Mustang Mach-E electric vehicles.
“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,” Ford Executive Chair Bill Ford said in a release. “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.”
It’s worth noting that Tesla Chief Executive Elon Musk wrote in his “Tesla Master Plan” that theoverarching purpose of Tesla Motors “is to help expedite the move from a mine-and-burn hydrocarbon economy towards a solar electric economy.”
Ford’s investment, alongside many automakers transitioning their offerings to electric, is certainly a win for Musk, despite the growing competition.
Ford expects 40% to 50% of its global vehicle volume to be fully electric by 2030.