Ford Motor Company has announced a $11.4 billion investment to expand its electric car production capability and scale. Ford has announced the construction of four new factories throughout the United States, which will result in the creation of about 11,000 new jobs. This, of course, contrasts with its policy in India, where it chose to shut down local production and solely provide high-end vehicles through imports.

While Ford India was suffering mounting losses and huge problems, which finally led to the decision to discontinue local production at its two factories here, the company's home base of the United States seemed to be set on dominating the EV sector. There are currently a few alternatives available, such as the Mustang Mach-e and the F-150 Lightning, but expect more in the future. Ford wants to use these four new sites as the epicentres of its EV initiatives, in collaboration with its South Korean partner SK Innovation. The Americans will provide $7 billion, with the rest coming from SK Innovation.

The new facilities would be the "biggest, most sophisticated, and most efficient vehicle production complex in Ford's 118-year history," according to the company. According to a statement released by the business, between 30 percent and 40 percent of worldwide cars would be powered by batteries. “Ford will lead America's transition to electric cars and usher in a new age of clean, carbon-neutral manufacturing at this pivotal moment,” he said "Bill Ford, the Executive Chair, stated. “With this investment and a culture of invention, we can achieve goals that were formerly considered to be mutually exclusive: preserve the environment, develop wonderful electric vehicles that Americans will enjoy, and contribute to the prosperity of our country." 

The F-150 Lightning and the Mach-E have done pretty well for Ford so far. In the United States, demand for both EVs has been strong, placing Ford in a position to combat not just conventional rivals like Volkswagen, but also EV behemoth Tesla. The company's CEO, Jim Farley, stated, "We are working immediately to create breakthrough electric vehicles for the many rather than the few."

Picking Economy: Ratings agency ICRA raises growth forecast to 9 pc

Reserve Bank slaps Rs 2 cr penalty on RBL Bank

WHO's approval Covaxin clearance delayed further: Source