Ford Breaks Ground At $5.6B Complex In Tennessee Inching Closer To Its EV Goals, Set To Add 6K Jobs
Ford Motor Co (NYSE: F) broke ground at its $5.6 billion BlueOval City complex in Tennessee, getting closer toward its goal to sell 2 million electric vehicles annually by late 2026.
BlueOval City will likely build advanced batteries for future Ford and Lincoln EVs in 2025.
It also includes the F-150 Lightning and a second battery-electric pickup, TechCrunch reports.
BlueOval City is Ford's largest, most advanced auto production complex in the company's 119-year history. Overall, the $11.4 billion joint venture with South Korean battery maker Sk On will create roughly 6,000 jobs at the new six-square-mile mega campus.
Ford and its construction partners began preparing the land in March, so far moving enough soil to fill 34,500 backyard swimming pools and laying enough tons of stone to build the Statue of Liberty 1,600 times.
Earlier this week, Ford expressed its inability to launch 40,000 to 45,000 vehicles this quarter due to a shortage of some parts.
Inflation has also hit the company, with supply costs running about $1 billion higher than expected.
Price Action: F shares traded lower by 4.78% at $12.16 on the last check Friday.
Photo Via Company
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
