Ford Motor Company is investing $2 billion to retool its Louisville Assembly Plant in Kentucky for the production of new, affordable electric vehicles (EVs). This strategic move centers on a midsize electric pickup truck, scheduled for release in 2027, with a target price of approximately $30,000, aiming to make EVs more accessible to a broader consumer base. Ford CEO Jim Farley described this initiative as a pivotal "Model T moment," emphasizing its potential to democratize the EV market. The new EV platform will feature a streamlined design with 20% fewer parts and utilize an innovative "assembly tree" system to boost production efficiency, potentially reducing assembly time by up to 40%.
This significant investment is a key part of Ford's larger $5 billion EV strategy, which includes developing a battery plant in Michigan. Collectively, these efforts are projected to create or secure approximately 4,000 jobs. The Louisville plant, with its 70-year history of automotive manufacturing, will undergo substantial updates to support EV production, securing 2,200 jobs at the facility without anticipated layoffs. The push for affordable EVs addresses a global market trend, with Ford's investment in a $30,000 electric pickup truck directly targeting this demand. The company is also exploring lithium iron phosphate (LFP) battery technology for its new EV range to further reduce costs and enhance production efficiency. The Louisville Assembly Plant has a long legacy, and this investment positions it at the forefront of electric vehicle manufacturing, continuing its contribution to the automotive industry and the local economy.