Ford Motor Co (NYSE: F) is trading higher Tuesday after the company announced plans to bring electric vehicles at scale to American customers with two new campuses in Tennessee and Kentucky.
The Tennessee and Kentucky campuses are expected to produce the next generation of electric F-Series trucks, as well as the batteries to power future electric Ford and Lincoln vehicles.
Ford said it plans to make the largest ever U.S. investment in electric vehicles at one time by any automotive manufacturer. Ford and SK Innovation plan to invest $11.4 billion in the Tennessee and Kentucky campuses.
“This is our moment – our biggest investment ever – to help build a better future for America. We are moving now to deliver breakthrough electric vehicles for the many rather than the few," said Jim Farley, president and CEO of Ford.
“This is a transformative moment where Ford will lead America’s transition to electric vehicles and usher in a new era of clean, carbon-neutral manufacturing,” said Bill Ford, executive chair of Ford.
F Price Action: Ford has traded as high as $16.45 and as low as $6.50 over a 52-week period.
The stock was up 4.02% at $14.73 at time of publication.
Photo: courtesy of Ford.
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.