Ford Motor Co. 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.
(Bloomberg) — Ford Motor Co. 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, Tennessee, plant — Ford’s first all-new assembly facility in a half-century — is part of a $5.6 billion compound known as BlueOval City that will include a sprawling battery factory by South Korea’s SK On, a unit of SK Innovation Co. The six-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’t say when it will reach full capacity.
The automaker is pouring $50 billion into developing and building EVs by 2026 as it chases Tesla Inc., which controls two-thirds of the US market for battery powered models. Ford has set a goal of an 8% margin on EV earnings before interest and taxes by 2026.
“BlueOval City is the blueprint for Ford’s electric future around the world,” 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 than its popular F-150 Lightning plug-in pickup built in Michigan. The new battery powered pickup, known internally as Project T3, for “Trust the Truck,” will be capable of towing and hauling, while being “fully updatable” through software downloads, Ford said.
Read More: Ford Stirs Hopes, Fears With First All-New Auto Plant Since 1969
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