Ford to Invest $2 Billion in Kentucky EV- Assembly Plant
Ford Motor Co. to invest nearly $ 2 billion retooling a Kentucky factory to produce electric vehicles that it says will be more affordable, more profitable to build, and will outcompete rival models.
The leading executive of the automaker disclosed the new EV strategy at Ford's Louisville Assembly Plant, which, after 70 years of making gas-powered vehicles, will be transformed to produce electric vehicles.
“We adopted a revolutionary method to tackle a difficult problem: Develop cost-effective vehicles that excel in every important aspect - design, technology, performance, spaciousness, and ownership costs - while employing American workers,” stated Ford CEO Jim Farley in a statement.
The major Detroit car manufacturers have persisted in shifting from internal combustion engines to electric vehicle technology despite the Trump administration's rollback of incentives for automakers to adopt electric cars. Trump's extensive tax and spending legislation focuses on EV incentives, notably the upcoming elimination of a credit that provides buyers with savings of up to $ 7,500 on a new electric vehicle.
However, Farley and other leading figures in the auto sector assert that electric vehicles represent the future and there's no turning back.
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The initial electric vehicle to come off the upgraded Louisville assembly line will be a midsize, four-door electric pickup in 2027 for both domestic and global markets, the company announced on Monday.
The new electric trucks will utilize more affordable batteries produced at a Ford facility in Michigan. The Detroit automaker had previously revealed a USD3 billion investment to construct the battery plant.
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The car manufacturer views this as a "Model T moment" for its electric vehicle sector - referring to the mass-produced car that established the esteemed automaker over a hundred years ago. However, Ford asserts that it's also a homage to the future and the significantly different method Ford claims it will employ to manufacture electric vehicles.