Ford Motor has committed to investing $11bn along with South Korean battery maker SK Innovation to build three plants to supply batteries and vehicles. Ford is expected to spend $7bn as part of the investment their largest in manufacturing facilities. The investment is also almost a quarter of their $30bn commitment earlier this year to spend on electric vehicles by 2025. The combined $11bn would be split almost equally across twin battery factories at a site in central Kentucky and an assembly plant in Tennessee known as Blue Oval City. Lisa Drake, Ford’s North America COO said, “This is a really pivotal moment for us in our country today…We see a critical mass for the transition to battery electric vehicles right on the horizon”.
Ford’s dollar bonds were slightly lower with its 7.125% 2025s down 0.7 to 116.8, yielding 2.8%.
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