On March 24, Ford announced its new plant, which is being built south of Memphis, Tennessee, will be able to produce 500,000 EVs yearly when it is fully operational.
Ford’s next-generation EV, code-named “T3,” short for “TrustTheTruck,” is the first and only product for the “BlueOval City” plant that has been officially announced so far. Jim Farley, CEO of Ford, stated that “Project T3 is a once-in-a-lifetime opportunity to revolutionize America’s truck.” Adding, “It will be a platform for limitless innovation and capability.”
The next-generation EV design could be used to produce additional products in addition to the truck, but future plans have not yet been disclosed.
Ford and the battery provider SK On, based in South Korea, are investing $5.6 billion in the BlueOval City campus, which will include a sizable battery cell factory. Ford stated that the factories are on schedule to start producing in 2025.
Ford’s goal to be able to produce 2 million EVs by 2026, when the firm also hopes to attain an 8% EBIT profit margin for its Model e EV business, includes BlueOval City as a significant component.
Ford did, however, outline its finances for its business units on March 21 for the first time, including its EVs, which lost $2.1 billion last year and are predicted to lose as much as $3 billion in 2023.
As part of a company-wide reconstruction, the new reporting format no longer provides data on how the company performed in different continents, such as North America, Europe, and China.