Ford: Tennessee EV Plant Could Make 500,000 Trucks a Year
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Ford Motor Co. projects its electric F-Series pickup factory under construction in Tennessee will ultimately produce half a million trucks a year, about 40% more than the company forecast in November.
The automaker is ramping up the facility as it seeks to reverse losses on electric vehicles, which it expects to reach about $3 billion this year.
The Stanton, Tenn., plant — Ford’s first all-new assembly facility in a half-century — is part of a $5.6 billion compound known as BlueOval City that will include a sprawling battery factory by South Korea’s SK On, a unit of SK Innovation Co. The 6-square-mile complex is due to open in 2025 and employ 6,000 workers.
The higher output means the Tennessee plant would account for a quarter of the 2 million EVs Ford plans to build annually by the end of 2026, though the company didn’t say when it will reach full capacity.
The automaker is pouring $50 billion into developing and building EVs by 2026 as it chases Tesla Inc., which controls two-thirds of the U.S. market for battery-powered models. Ford has set a goal of an 8% margin on EV earnings before interest and taxes by 2026.
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“BlueOval City is the blueprint for Ford’s electric future around the world,” Bill Ford, executive chairman and great-grandson of founder Henry Ford, said in a statement.
Ford also revealed the code name for the electric truck to be built in Tennessee, which is different from its popular F-150 Lightning plug-in pickup built in Michigan. The new battery-powered pickup, known internally as Project T3, for “Trust the Truck,” will be capable of towing and hauling, while being “fully updatable” through software downloads, Ford said.
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