Ford Motor is investing $700 million in a Kentucky plant to support production of new cars

Ford Motor is investing 0 million in a Kentucky plant to support production of new cars

Written by Sam Bogda

Ford Motor Company (NYSE) announced Tuesday that it is investing $700 million and creating 500 additional hourly manufacturing jobs in Kentucky to support new vehicle production.

The investment is part of the auto company Ford+’s plan to grow and create value. Ford said the investment will also support an all-new F-Series Super Duty pickup built at its Kentucky plant in Louisville.

Ford, the No. 2 automaker in the United States, is already expanding in Kentucky with BlueOval SK Battery Park, a new $5.8 billion battery production complex that Ford says will create 5,000 new jobs and power its future electric vehicles. BlueOval is a joint venture with SK On, a South Korean battery partner.

โ€œFord has been growing in Kentucky since the days of the Model T, and we continue to invest in Bluegrass State to produce great cars that our customers love and depend on,โ€ said Kumar Galhotra, president of Ford Blue.

On Tuesday, the Kentucky Economic Development Finance Authority approved an additional draft to an existing program agreement with Ford that could provide up to $430 million in accrued tax incentives based on the company’s $3.65 billion total investment, with annual business requirements of up to 12,500 on The term of the agreement.

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