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UPDATE 1-Ford investing $700 mln in Kentucky truck plant, adding 500 jobs

(Adds Kentucky statement, revenue from trucks)

By David Shepardson

Sept 27 (Reuters) - Ford Motor Co said Tuesday it will invest $700 million and add 500 jobs at its Kentucky plant to support production of its new 2023 model year F-Series Super Duty truck.

The No. 2 U.S. automaker and its South Korean battery partner SK Innovation said in September 2021 they would invest $11.4 billion to build an electric F-150 assembly plant and three battery plants in the United States. The companies said they would invest $5.8 billion in Kentucky, and $5.6 billion in Tennessee. The Kentucky JV will create about 5,000 jobs.

The Kentucky Economic Development Finance Authority (KEDFA) on Tuesday approved a supplemental project to an existing agreement with Ford that can provide up to $430 million in cumulative tax incentives based on the company’s total cumulative investment of $3.65 billion with an annual job target requirement of up to 12,500 over the term of the agreement.

If Ford meets annual targets, it can keep a portion of new tax revenue it generates by claiming eligible incentives against its income tax liability and/or wage assessments.

Ford employs more than 12,000 people in Kentucky.

Ford said its F-Series truck franchise generated nearly $40 billion in revenue in 2021 — nearly one-third of the company's global automotive revenue last year.

Through August

, Ford F-Series U.S. truck sales are down 11% to 420,969, a third of total sales. Of the total F-Series sales, 6,842 were electric F-150 Lightning trucks. (Reporting by David Shepardson; Editing by Andrea Ricci)