Ford Motor’s (NYSE:F) sagged Friday, on word its new plant being constructed outside Memphis will be capable of building 500,000 electric vehicles annually at full production.
The first and only product to be announced thus far for the “BlueOval City” plant is a next-generation electric truck, which Ford has codenamed “T3,” short for “TrustTheTruck.”
“Project T3 is a once in-a-lifetime opportunity to revolutionize America’s truck,” Ford CEO Jim Farley said Friday in a release. “It will be a platform for endless innovation and capability.”
Additional products using the company’s next-generation EV architecture could be produced alongside the truck, however a company spokesman declined to comment on future product plans for the plant.
Ford and South Korea-based battery supplier SK On are investing $5.6 billion in the BlueOval City campus, including a large battery-cell plant. Production at the plants is on track to begin production in 2025, Ford said Friday.
BlueOval City is a key part of Ford’s plans to be capable of producing two million EVs in 2026, which is also the target for the company’s Model e EV business to achieve an 8% EBIT profit margin.
Ford on Thursday for the first time detailed its finances for business units including EVs, which lost $2.1 billion last year and are expected to lose as much as $3 billion in 2023.
F shares fell 11 cents, or 1%, to $11.31.
