Ford, SK to invest $11.4 bln in EV development

Ford is accelerating its push into electric vehicles.

The U.S. carmaker and its Korean battery partner - SK Innovation - are investing $11.4 billion on a new factory and three battery plants in the U.S..

Monday's announcement is the single largest manufacturing investment in Ford's 118-year history, as it aims for around half of its global vehicle volume to be electric by 2030.

The automaker's portion of the investment is $7 billion, with SK covering the rest.

Some 11,000 new jobs will be created at the sites planned for Stanton, Tennessee, Glendale and Kentucky.

Ford is America's second-largest car company and the move is a major step in a wider push by automakers looking to roll out EVs while China and Europe seek to reduce vehicle emissions.

Ford North American Chief Operating Officer Lisa Drake told Reuters:

"For us, this is a very transformative point where we are putting our capital in place now in a very big way to lead the transition to EVs."

The company plans to launch the electric F-150 Lightning pickup truck next spring.