Ford: Tennessee EV Plant Could Make 500,000 Trucks a Year
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projects its electric F-Series pickup factory under construction in Tennessee will ultimately produce half a million trucks a year, about 40% more than the company forecast in November.
The automaker is ramping up the facility as it seeks to reverse losses on electric vehicles, which it expects to reach about $3 billion this year.
The Stanton, Tenn., plant 鈥 Ford鈥檚 first all-new assembly facility in a half-century 鈥 is part of a $5.6 billion compound known as that will include a sprawling battery factory by South Korea鈥檚 SK On, a unit of SK Innovation Co. The 6-square-mile complex is due to open in 2025 and employ 6,000 workers.
The higher output means the Tennessee plant would account for a quarter of the 2 million EVs Ford plans to build annually by the end of 2026, though the company didn鈥檛 say when it will reach full capacity.
The automaker is into developing and building EVs by 2026 as it chases Tesla Inc., which controls two-thirds of the U.S. market for battery-powered models. Ford has set a goal of an 8% margin on EV earnings before interest and taxes by 2026.
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鈥淏lueOval City is the blueprint for Ford鈥檚 electric future around the world,鈥 Bill Ford, executive chairman and great-grandson of founder Henry Ford, said in a statement.
Ford also revealed the code name for the electric truck to be built in Tennessee, which is different from its popular F-150 Lightning plug-in pickup built in Michigan. The new battery-powered pickup, known internally as Project T3, for 鈥淭rust the Truck,鈥 will be capable of towing and hauling, while being 鈥渇ully updatable鈥 through software downloads, Ford said.
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