Ford on Friday launched its $5.6 billion BlueOval City complex in Tennessee, the epicenter of its future electric vehicles and a milestone toward its goal of selling 2 million electric vehicles annually by late 2026.
BlueOval City is set to begin building advanced batteries for future Ford and Lincoln EVs in 2025, including the F-150 Lightning and another battery-powered pickup.
The automaker describes BlueOval City as “the largest and most advanced automobile 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 nearly 6,000 jobs at the massive new six-square-mile campus near Memphis, Tennessee, as well as dual battery plants in Glendale, Tennessee. Kentucky.
“This facility is a blueprint for Ford’s future manufacturing facilities and will enable Ford to help lead America’s transition to electric vehicles,” Eric Grob, Ford’s new footprint construction manager, said in a statement.
Ford and its construction partners began preparing the ground in March, having so far moved enough soil to fill 34,500 backyard swimming pools, and laid tons of stone to build the Statue of Liberty 1,600 times, according to the company.
The automaker’s stock price is down 15% this week after it announced on Monday that supplier costs will be $1 billion higher in the third quarter than expected due to rising inflation and ongoing supply chain problems. Shares were trading at $12.30 at 10AM ET on Friday, down from $14.50 at the market open on Monday.
Ford also said an ongoing shortage of auto parts will result in as many as 45,000 incomplete vehicles — mostly high-margin trucks and SUVs — suffocating in its plants through September. However, the automaker reaffirmed its full-year guidance of $11.5 billion to $12.5 billion in EBIT, due to pent-up demand for vehicles produced in the fourth quarter.
On Thursday, Ford announced leadership changes as it expands Ford Model e, the independent electric business unit that was set up in March to support the company’s $50 billion investment in automotive and electric technology through 2026.
Doug Field was appointed Head of Advanced Product Development and Technology Officer, where he oversaw electric vehicle products, advanced driver assistance, software development and digital systems, as well as the design and engineering of vehicle hardware.
Lisa Drake, Vice President of Electric Vehicle Manufacturing, will lead the manufacturing engineering. Chuck Gray, Ford’s vice president of electric vehicle technology, is now responsible for vehicle hardware engineering.
from San Jose News Bulletin https://sjnewsbulletin.com/fords-5-6-billion-electric-vehicle-center-is-under-construction-techcrunch/
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