Ford on Friday built the $5.6 billion BlueOval City complex in Tennessee. This is the epicenter of future electric vehicles and an important milestone towards the goal of selling 2 million EVs annually by late 2026.
BlueOval City plans to begin manufacturing advanced batteries for future Ford and Lincoln EVs in 2025, including the F-150 Lightning and a second battery electric pickup.
The automaker calls BlueOval City “the largest and most advanced automotive production facility” in the company’s 119-year history. as a whole, $11.4 billion joint venture The partnership with South Korean battery maker Sk On will create nearly 6,000 jobs at a new six-square-mile mega-campus near Memphis, Tennessee and two battery factories in Glendale, Kentucky.
“This facility is a blueprint for Ford’s future manufacturing facility and will allow Ford to lead America’s transition to electric vehicles,” said Eric, director of Ford’s new footprint construction. Grubb said in a statement.
Ford and its construction partners began preparing the land in March and have so far moved enough soil to fill 34,500 backyard pools and, according to the company, enough tons to build the Statue of Liberty 1,600 times. was paved with stones.
Shares of the automaker have fallen 15% this week after Monday’s announcement. Supplier costs will be $1 billion higher The third quarter was better than expected due to rising inflation and ongoing supply chain issues. Shares at 10 a.m. ET on Friday saw him trading at $12.30, down from $14.50 when markets opened Monday.
Ford also said continued vehicle parts shortages will bottleneck up to 45,000 unfinished vehicles (mostly high-margin trucks and SUVs) at its factories by September. Still, the automaker reaffirmed its guidance of $11.5 billion to $12.5 billion for the full year on pre-interest and tax earnings as demand for vehicles produced in the fourth quarter piled up.
On Thursday, Ford announced a leadership change as it worked to scale up the Ford Model E. Standalone EV business unit Created in March to help automakers invest $50 billion in electrification and vehicle technology through 2026.
Doug Field has been appointed Chief Advanced Product Development and Technology Officer, overseeing the development, design and vehicle hardware engineering of EV products, advanced driver assistance, software and digital systems.
Vice President of EV Industrialization Lisa Drake will lead manufacturing engineering. Chuck Gray, his vice president of EV technology at Ford, is currently in charge of vehicle hardware engineering.