Ford Motor Co. is set to invest close to $2 billion in reconfiguring a Kentucky plant to manufacture electric vehicles (EV) that are projected to be more cost-effective, easier to produce, and more competitive than their counterparts. The company’s CEO, Jim Farley, presented the new EV initiative at Ford’s Louisville Assembly Plant, marking a shift from its 70-year history of producing gasoline-powered vehicles to focusing on electric ones.
Farley expressed his belief that this endeavor would be transformative for the industry, stating that it could be a landmark project for everyone involved. Despite the U.S. government scaling back incentives for electric vehicle production, Ford and other major automakers are steadfast in their commitment to embracing EV technology as the future of the industry.
Ford’s first electric vehicle to be manufactured at the revamped Louisville facility will be a midsize four-door electric pickup truck scheduled for release in 2027. The company plans to power these trucks with cost-effective batteries produced at a Michigan factory, which is part of Ford’s $3 billion investment in battery manufacturing.
Describing this move as a “Model T moment” for their EV business, Ford aims to revolutionize electric vehicle production in the U.S. by introducing a universal platform and production system that can be applied to a variety of models. The transformation of the Louisville plant will not only streamline production and reduce costs but also lead to the creation of an affordable and profitable electric vehicle lineup.
Ford’s investment in the Kentucky plant is expected to safeguard 2,200 hourly jobs while bolstering the state’s position as a hub for EV innovation. Governor Andy Beshear hailed the collaboration between Ford and Kentucky as a significant milestone that would reinforce the region’s standing in the EV industry.
By investing in sustainable and customer-centric electric vehicles, Ford aims to establish a successful electric business, distinguishing itself from the competition in China. Farley emphasized that the upcoming electric vehicle from the Louisville plant would offer superior value compared to Chinese alternatives, reflecting Ford’s strategic approach to the evolving automotive landscape.