In a bold move to strengthen their American manufacturing footprint, Ford has unveiled its latest announcement to invest a whopping $3.5 billion towards the construction of the first automaker-backed LFP battery plant in the country. This latest offering will provide customers with a second battery technology within Ford’s electric vehicle (EV) lineup, further bolstering Ford’s commitment to EV production.
The upcoming BlueOval Battery Park Michigan plant will kick off its operations in 2026 with a workforce of 2,500 employees. It is noteworthy that Ford has plans to enhance its battery capacity even further by considering further growth opportunities at its wholly-owned Ford subsidiary in Marshall, Michigan.
This $3.5 billion commitment represents a piece of a broader $17.6 billion in investments in electric vehicle and battery production that Ford and its battery tech collaborators have announced since 2019. These investments form part of the company's overarching promise to invest over $50 billion in electric vehicles globally through 2026. These investments will lead to over 18,000 direct jobs in Michigan, Kentucky, Tennessee, Ohio, and Missouri in the next three years, along with more than 100,000 indirect jobs, as per a 2020 independent study.
Bill Ford, the Ford Executive Chair, stated that, "We are committed to leading the electric vehicle revolution in America, and that means investing in the technology and jobs that will keep us on the cutting edge of this global transformation in our industry," adding, "I am also proud that we chose our home state of Michigan for this critical battery production hub."
By localizing and diversifying Ford's battery supply chain in the countries where it builds EVs, the company is seeking to improve availability and affordability for customers, while also boosting consumer demand. Ford's Ford+ plan aims to produce 600,000 electric vehicles globally by the end of 2021 and 2 million EVs globally by the end of 2026. With the introduction of LFP batteries, the company can enhance EV production, broaden its range of options for new EV customers, and help achieve the goal of an 8% EBIT margin for Model e by 2026.
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