Ford (NYSE:F) is looking to dethrone Tesla (NASDAQ:TSLA) as the king of electric vehicles (EVs) in America with plans for new campuses in a move pushing F stock up today.
Let’s dive into the details of Ford’s plan below to see what this means for holders of F stock.
- The company is planning to open two new massive campuses in Tennessee and Kentucky.
- These locations will be responsible for creating the next generation of electric F-Series trucks as well as batteries for future Ford and Lincoln EVs.
- The first location will be in Stanton, Tenn., and will use the name Blue Oval City.
- It will cost $5.6 billion and will bring with it 6,000 jobs.
- The location will handle the assembly of electric F-Series trucks as well as EV battery production.
- As for the other campus, it will be located in central Kentucky and will be dedicated to manufacturing batteries with the help of SK Innovation.
- The campus will be called BlueOvalSK Battery Park, will cost $5.8 million, and will create 5,000 jobs.
- It will supply Ford’s North America plants with batteries for electric Ford and Lincoln EVs.
- In addition to this, Ford is investing $525 million across the U.S. over the next five years to update the auto technician industry.
- This will have it offering job training and career readiness initiatives for current and upcoming technicians.
- The company notes that $90 million of that investment will go to Texas.
Jim Farley, president and CEO of Ford, said the following in the press release boosting F stock today.
‘We are moving now to deliver breakthrough electric vehicles for the many rather than the few. It’s about creating good jobs that support American families, an ultra-efficient, carbon-neutral manufacturing system, and a growing business that delivers value for communities, dealers and shareholders.”
F stock was up 1.2% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
