U.S. automaker Ford said it will invest $11.4 billion with South Korea’s SK Innovation to build plants in the U.S. to produce batteries for electric cars, as well as a new site to produce the cars.
Ford itself will invest $7 billion – according to the company, it is the largest single investment in production among all U.S. automakers.
The Tennessee plant will produce batteries for F-Series electric pickup trucks and the Kentucky plant will produce batteries for other Ford and Lincoln electric vehicles. Production of the new generation of electric vehicles is scheduled to begin in 2025. The investment is planned to create 10,800 jobs in the U.S.
Ford and Tesla previously introduced electric-powered F-150 Lightning and Cybertruck pickup trucks. In September, the first company to launch an electric pickup for sale was Rivian, a startup that had previously attracted investment from Ford.