Ford plans to invest billions in new electric vehicle production, calling it the company’s “next Model T moment.”
Ford said Monday it will invest $5 billion into a new assembly line and battery production to build EVs, including for a new, unnamed model that Ford says will be the most affordable electric pickup truck on the market. Ford said this announcement will add or “secure” 4,000 US jobs.
“We took inspiration from the Model T – the universal car that changed the world,” Doug Field, Ford’s chief EV digital and design officer, said Monday. “We think today will be a turning point for Ford Motor Company and the auto industry.”
Ford says about $2 billion of the investment will secure 2,200 hourly jobs at its Louisville assembly plant to build the company’s next generation of electric vehicles. However Ford said the conversion at the plant from gas powered SUVs to electric vehicle will require about 600 fewer jobs than it currently needs, at least partly because the new assembly line will be more efficient. Ford may also produce fewer cars.
The other jobs and investment will be directed to a Michigan battery plant, which Ford has been planning since 2023.
