Ford, SK will invest $ 11.4 billion in new F-150 electrical system and three battery factories in the US

Ford, SK will invest $ 11.4 billion

DETROIT / SEOUL (Reuters) - Ford Motor Co and Korean battery partner SK Innovation will invest $ 11.4 billion to build an F-150 electrical assembly plant and three battery manufacturing plants in the United States , accelerating the US automaker's push towards electric vehicles.

Ford said it now expects to reach 40% to 50% of its global volume of all-electric vehicles by 2030, up from the previous forecast of 40%.

The companies plan to create nearly 11,000 jobs by opening battery and assembly plants in Stanton, Tennessee, and two additional battery factories in Glendale, Kentucky, as part of Ford's previously announced plan to spend more than $ 30 billion by 2030 for the switch to electric, the automaker said. Plants at both sites will open in 2025.

Today's announcement represents the single largest manufacturing investment in Ford's 118-year history.