According to an announcement by the company on Friday, Ford Motor’s upcoming facility located near Memphis, Tennessee, will have the capacity to manufacture 500,000 electric vehicles every year once it reaches maximum production.
So far, Ford has only revealed one product that will be manufactured at the “BlueOval City” plant – a new generation electric truck referred to as the “T3,” with the codename derived from “TrustTheTruck.”
Ford CEO Jim Farley said in a statement released on Friday that “Project T3” is a unique chance to transform America’s truck and will serve as a foundation for limitless innovation and capabilities.
Although the new electric truck, codenamed “T3,” is the only product announced so far for the BlueOval City plant, there is potential for other products to be produced using Ford’s next-generation EV architecture. However, a company spokesperson declined to provide any details about potential future product plans for the plant.
Ford and its battery supplier, South Korea-based SK Innovation, are jointly investing $5.6 billion in the BlueOval City campus, which includes the construction of a large battery cell plant. The production of electric vehicles at the Tennessee plant is set to commence in 2025, according to a statement released by Ford on Friday.
Ford’s BlueOval City is a crucial component of the automaker’s goal to manufacture 2 million electric vehicles by 2026. This also aligns with the target for the Model e electric vehicle division to achieve an 8% EBIT (Earnings Before Interest and Taxes) profit margin.
On Thursday, Ford released its financial results for its business units, including EVs, revealing a loss of $2.1 billion in the previous year. The company anticipates the EV business to suffer losses of up to $3 billion in 2023.