Ford plans to build 500,000 EVs annually at its $5.6 billion Tennessee campus

Ford Motor's caller works being constructed extracurricular Memphis, Tennessee, volition beryllium susceptible of gathering 500,000 electrical vehicles annually astatine afloat production, the institution said Friday.

The archetypal and lone merchandise to beryllium announced frankincense acold for the "BlueOval City" works is simply a next-generation electrical truck, which Ford has codenamed "T3," abbreviated for "TrustTheTruck."

"Project T3 is simply a erstwhile in-a-lifetime accidental to revolutionize America's truck," Ford CEO Jim Farley said Friday successful a release. "It volition beryllium a level for endless innovation and capability."

Additional products utilizing the company's next-generation EV architecture could beryllium produced alongside the truck, nevertheless a institution spokesperson declined to remark connected aboriginal merchandise plans for the plant.

Ford and South Korea-based artillery supplier SK On are investing $5.6 cardinal successful the BlueOval City campus, including a ample battery-cell plant. Production astatine the plants is connected way to statesman accumulation successful 2025, Ford said Friday.

BlueOval City is simply a cardinal portion of Ford's plans to beryllium susceptible of producing 2 cardinal EVs successful 2026, which is besides the people for the company's Model e EV concern to execute an 8% EBIT nett margin.

Ford connected Thursday for the archetypal clip elaborate its finances for concern units including EVs, which mislaid $2.1 cardinal past year and are expected to suffer arsenic overmuch arsenic $3 cardinal successful 2023.