Ford Motor Co. F 2.76% plans to build its first new U.S. assembly plant in decades, along with three battery factories, to fortify its push into electric vehicles as the industry accelerates green-tech investments.
The Dearborn, Mich., auto maker said Monday that it would build two battery factories in Kentucky and a third in western Tennessee alongside a new truck factory set to begin producing electric F-series pickups by 2025.
Ford F 2.76% expects to spend $7 billion on the project—the largest manufacturing investment in its history—and collaborate with South Korean battery maker SK Innovation to construct the battery facilities.
SK plans to put $4.4 billion into the effort, which altogether would create 11,000 new jobs and provide enough capacity to build batteries for 1 million electric vehicles a year, the companies said.