Ford, SK Innovations to invest $11.4 bn on electric truck, battery plants

Ford Motor Co. and South Korea’s SK Innovation Co. plan to spend $11.4 billion to construct three battery factories and an assembly plant for electric F-Series pickup trucks in Tennessee and Kentucky, the biggest investment in the U.S. automaker’s history.

The project will create two vast sites to produce electric vehicles and the batteries to power them, employing nearly 11,000 workers, the companies said Monday. Ford is spending $7 billion, while battery partner SK is kicking in $4.4 billion. They begin to come online in 2025.

The projects are part of Ford’s plan to invest $30 billion in electric vehicles by 2025, become a player in a market dominated by Tesla Inc. and challenge General Motors Co.’s image as leading the legacy automakers.