Lagatar24 Desk
Days after Ford announced that it is exiting the Indian market, Ford Motor on Monday announced to invest $11.4 billion in electric vehicle production in the United States.
Ford along with South Korea’s SK Innovation is going to construct three battery factories and one electric truck plant in the US, which would produce 11,000 jobs in the coming four years.
This project is part of Ford’s plan to invest $30 billion in electric vehicles by 2025. Chief Executive Officer Jim Farley who took on the reins a year ago has sped up efforts to switch to an all-electric future.
Ford said it would be the “largest, most advanced, most efficient auto production complex in its 118-year history and would place the company at the forefront of the country’ shift to electric vehicles.
The auto company is in the race to catch up with the electric car company Tesla, which has a target to sell more than 8, 00,000 electric cars this year. Earlier this month, Ford said that it will cease manufacturing vehicles in India as part of its restructuring plans. As many as 4,000 employees will be impacted by this, the company stated. “The decision was reinforced by years of accumulated losses, persistent industry overcapacity and lack of expected growth in India’s car market,” stated Anurag Mehrotra, President and Managing Director of Ford India.
