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Thursday, October 21, 2021

Ford to invest .4 11.4 billion to connect three battery factories to South Korea’s electric F-150 plant

Detroit / CEO – Ford Motor Company and its Korean battery partner SK Innovation will invest 11 11.4 billion in the United States to build an electric F-150 assembly plant and three battery plants, pushing the U.S. carmaker into electric vehicles.

Ford said Monday that it now expects 40 to 50 percent of its global vehicle volume to be all-electric by 2030, up from an earlier forecast of 40 percent.

As part of Ford’s announced plan, the companies want to create about 11,000 jobs by opening assembly and battery factories in Stanton, Tennessee, and two additional battery factories in Glendale, Kentucky. Plants at both sites will open in 2025.

Monday’s announcement is the single largest manufacturing investment in Ford’s 118-year history.

The Tennessee assembly and battery complex will be about three times the size of Ford’s sprawling, Michigan’s century-old Rouge production complex, Ford North America chief operating officer Lisa Drake told Reuters in an interview. He stressed that there will be room for expansion on this site.

“For us, this is a very volatile point where we put our capital in a very big way now to convert to EVs,” Drake said.

The No. 2 U.S. carmaker’s investment portion is 7 7 billion, with the rest coming from SK. The companies will invest 5. 5.8 billion in Kentucky and 6 5.6 billion in Tennessee.

The South Korean battery maker, which supplies electric vehicle batteries to Ford Motor and Hyundai Motor Company, among others, has battery production sites in the United States, Hungary, China and South Korea.

With its three additional battery factories and two battery plants in Georgia, SK Innovation is poised to secure an annual capacity of about 150 gigawatt-hours (GWh) batteries in the United States.

SK Innovation says it expects to exceed its annual global production capacity of 200 GWh batteries by 2025. Its current capacity is 40 GWh.

Shares of SK Innovation rose 3.6 percent to close at a two-week high of 260,500 in morning trade, up 0 from the larger market KOSPI. as opposed to a percent percent fall. Ford closed 2.8 percent on Monday.

Ford, which plans to launch the electric F-150 Lightning pickup truck next spring, has moved more aggressively to implement its EV strategy under Jim Farley, who took over as chief executive last October. Earlier this month, Ford doubled its planned production capacity in Deerborn, Michigan for the annual F-150 Lightning due to pre-launch demand for electric pickups.

A Ford All-Electric F-150 Lightning Truck prototype was seen on September 16, 2021 at the Rouge Electric Vehicle Center in Dearborn, Michigan. (Rebecca Cook / Reuters)

Ford and other carmakers are working hard to prepare for the launch of the EV as countries and regions such as China and Europe seek to further reduce vehicle emissions.

The planned lithium-ion battery plants were built on the basis of a memorandum of understanding announced by Ford and SK in May. The battery plants will be jointly owned by SK and will have a combined annual capacity of 129 GWh batteries, which, when fully operational, could generate about 2.2 million EVs, more than double the levels reported in May. The new capacity will be enough to run more than 1 million EVs.

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Ford has previously said that its global EV plan will have at least 240 gigawatts of battery cell capacity by 2030, equivalent to about 10 plants that will be deployed in North America, Europe and China. SK says it aims to increase annual global battery capacity to more than 200 gigabytes by 2025.

Tennessee Mega Campus

As part of Monday’s announcement, Ford will build a 600-acre “mega campus” called Blue Oval City in West Tennessee that will employ 5,800 people and include an assembly plant, lithium-ion battery production and a supplier park. Blue Oval discontinued Ford’s name for its corporate logo.

Tracy said the new Tennessee assembly plant will create the next generation of Lightning using a dedicated EV platform after its launch next year. The initial Lightning model will be built on a platform that is widely derived from the petrol-powered F-150.

Drake did not disclose the planned production capacity for the Tennessee truck plant.

The site will include zero-waste-to-landfill processes materials and scrap capture.

In central Kentucky, Ford will build the BlueValueSK battery park, which will employ 5,000 people. The site will consist of twin plants making lithium-ion batteries for Ford and Lincoln electric vehicles, starting in 2025. The second factory will open next year.

The companies will receive 500 500 million and about মিল 300 million from Tennessee and more than 1,500 acres from Kentucky.

The United Auto Workers Union, which represents Ford’s U.S. hourly workers, said car plant manufacturers have a “moral obligation” to ensure that battery plant jobs are well-paid union jobs. Drake said it would be determined by the workers, but Ford insisted to SK that it certainly could not be anti-union.

Monday’s announcement to partner with Redwood Materials to form a circular supply chain for EV batteries ranging from raw materials to recycling is based on Ford’s agreement last week. Redwood will be located on the Tennessee site in Ford.

Ford said Monday it would spend আগামী 525 million over the next five years on job training and career preparation initiatives for U.S. auto technicians to help prepare for the transition to EV. The program began in Texas, where Ford is spending 90 90 million.

By Ben Cleman

Reuters

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This News Originally From – The Epoch Times

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