Ford, South Korea to Invest $11.4 Billion to Add Electric F-150 Plant, Three Battery Factories

A manufacturing complex U.S. automaker Ford Motor Co. and its South Korean battery partner SK Innovation plan to build in Tennessee, opening in 2025, is seen in an artist's rendition released on Sept. 27, 2021. Ford Motor Co/Handout via Reuters

DETROIT/SEOUL—Ford Motor Co. and its Korean battery partner SK Innovation will invest $11.4 billion to build an electric F-150 assembly plant and three battery plants in the United States, accelerating the U.S. automaker’s push into electric vehicles.

Ford said on Monday it now expects to have 40 percent to 50 percent of its global vehicle volume to be all-electric by 2030, up from its prior forecast of 40 percent.