Ford switches to electric vehicles with $ 11.4 billion investment

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AFP – American automaker Ford has announced plans to invest $ 11.4 billion in the production of electric vehicles, in an effort to position itself to lead the United States away from climate-damaging fossil fuels.

The company said it would build four new factories to produce electric vehicles and batteries that will create 11,000 new jobs by 2025.

Along with its South Korean partner SK Innovation, Ford will build factories in Kentucky and Tennessee, the automaker said in a statement. Ford will invest $ 7 billion, part of a $ 30 billion investment already announced last spring, and SK Innovation will contribute the rest. Ford said it would be the “largest, most advanced and efficient automobile production complex in its 118-year history” and place the company at the forefront of the country’s passage to electric vehicles.

The statement said, “This investment supports the company’s longer-term goal of creating a sustainable U.S. manufacturing ecosystem and accelerating its progress toward carbon neutrality, supported by science goals consistent with the Paris Agreement. on the climate.

The company expects between 40 and 50 percent of its vehicles globally to be fully electric by 2030, the statement said. Executive Chairman Bill Ford said, “This is a transformative time when Ford will lead America’s transition to electric vehicles and usher in a new era of clean, carbon-neutral manufacturing. He added, “With this investment and a spirit of innovation, we can achieve goals once thought to be mutually exclusive – protecting our planet, building great electric vehicles that Americans will love and help our nation prosper.”

The announcement came amid strong demand for the company’s new F-150 Lightning pickup and other electric models such as the E-Transit and the Mustang Mach-E.

Like its competitor GM, the automaker is striving to catch up with Tesla, the main pioneer of electric cars.

Ford, which revolutionized the production of automated cars a century ago, said its deployment would be “the largest US investment in electric vehicles at any given time by an automaker.”

Under increasing pressure from public opinion, and with customers and investors increasingly sensitive to environmental concerns, many automakers have started to turn to electric vehicles to reduce harmful emissions.

Until recently, the switch to electric had not been so marked.

“We are now striving to deliver revolutionary electric vehicles for the many rather than the few,” said Jim Farley, CEO of Ford.

Echoing a theme close to President Joe Biden’s economic plans, as well as his determination to transform infrastructure to fight climate change, Farley said the investment was aimed “at creating good jobs that support American families.” .

Ford’s announcement will give Biden’s Democratic Party a boost, which is putting its massive infrastructure investment plan of around $ 1 trillion to a vote in Congress this week.

Democrats insist that the shift to a greener economy could create millions of jobs in the future.

In its original form, the infrastructure plan called for the construction of a national network of 500,000 charging stations by 2030.

  • Key words: electric vehicle, Ford


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