The factories, to be built on sites in Kentucky and Tennessee, will make batteries for the next generation of Ford and Lincoln electric vehicles that will be produced in North America. Combined, they mark the single largest manufacturing investment the 118-year-old company has ever made and are among the largest factory outlays in the world.
Notably, the new factories will provide a vast new supply of jobs that will likely pay solid wages. Most of the new jobs will be full-time, with a relatively small percentage having temporary status to fill in for vacations and absent workers.
Together with its battery partner, SK Innovation of South Korea, Ford says it will spend $5.6 billion in rural Stanton, Tennessee, where it will build a factory to produce electric F-Series pickups. A joint venture called BlueOvalSK will construct a battery factory on the same site near Memphis, plus twin battery plants in Glendale, Kentucky, near Louisville. Ford estimated the Kentucky investment at $5.8 billion and that the company’s share of the total would be $7 billion.
With the new spending, Ford is making a significant bet on a future that envisions most drivers eventually making the shift to battery power from internal combustion engines, which have powered vehicles in the United States for more than a century. Should that transition run into disruptions or delays, the gamble could hit the company’s bottom line. Ford predicts 40% to 50% of its U.S. sales will be electric by 2030. For now, only about 1% of vehicles on America’s roads are powered by electricity.
This story is from the October 01, 2021 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 01, 2021 edition of AppleMagazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
AUSTRALIA SHOULD DELAY SOCIAL MEDIA BAN FOR CHILDREN UNDER 16, BIG TECH SAYS
An advocate for major social media platforms told an Australian Senate committee that laws to ban children younger than 16 from the sites should be delayed until next year at least instead of being rushed through the Parliament.
APPLE AND GOOGLE FACE UK INVESTIGATION INTO MOBILE BROWSER DOMINANCE
Apple and Google aren’t giving consumers a genuine choice of mobile web browsers, a British watchdog said in a report that recommends they face an investigation under new U.K. digital rules taking effect next year.
THE PSYCHOLOGY OF RETIREMENT INCOME: FROM SAVING TO SPENDING
The narrative of a miserly, Scrooge-like figure hoarding his wealth for years instead of enjoying his retirement might seem unbelievable—but unfortunately, it isn’t relegated only to fiction. It’s a cold reality for many retirees.
'BUY NOW, PAY LATER' IS MORE POPULAR THAN EVER. IT CAN COST MORE THAN YOU THINK
More shoppers than ever are on track to use ‘buy now, pay later’ plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt.
DIRECTV CALLS OFF ACQUISITION OF RIVAL DISH.POSSIBLY ENDING A YEARSLONG PURSUIT
DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.
IS 'GLICKED' THE NEW 'BARBENHEIMER'? 'WICKED' AND 'GLADIATOR II' COLLIDE IN THEATERS
“Barbenheimer” was a phenomenon impossible to manufacture. But, more than a year later, that hasn’t stopped people from trying to make “Glicked” — or even “Babyratu” — happen.
WHAT YOU NEED TO KNOW ABOUT THE PROPOSED MEASURES DESIGNED TO CURB GOOGLE'S SEARCH MONOPOLY
U.S. regulators are proposing aggressive measures to restore competition to the online search market after a federal judge ruled Google maintained an illegal monopoly for the last decade.
ELECTRIC CAR SALES ARE SLOWING IN THE US AND EUROPE AS BOTH FANS AND SKEPTICS SHARE CONCERNS
While sales of electric vehicles surge in China, adoption of more environmentally friendly vehicles is stumbling in the United States and Europe as carmakers and governments struggle to meet years-old promises about affordability and charging stations.
IT'S ALMOST TIME FOR SPOTIFY WRAPPED.WHEN CAN YOU EXPECT YOUR 2024 RECAP?
It’s almost that time of year: Spotify is gearing up to release its annual Wrapped, personalized recaps of users’ listening habits and year in audio.
RANSOMWARE ATTACK ON SOFTWARE SUPPLIER DISRUPTS OPERATIONS FOR STARBUCKS AND OTHER RETAILERS
A ransomware attack that hit a major software provider last week caused disruptions for a handful of companies over recent days, from Starbucks to U.K. grocery giant Morrisons.
