Ford announced a massive expansion of its electric vehicle business, and will invest $11.4 billion with its battery partner SK Innovation (SKI) to build car assembly plants and battery plants in Tennessee and Kentucky, which are scheduled to be put into operation in 2025.

Ford and SKI will establish a joint venture, BlueOvalSK, to build two battery plants in Kentucky and Tennessee, with a total annual output of 129GWh.

In Stanton, Tennessee, Ford and SKI are aiming to build a $5.6 billion factory complex called Blue Oval City. Ford said it is planning "one of the largest auto manufacturing plants in the United States" in Stanton. The 1,450-acre campus is expected to create 6,000 jobs. The assembly plant and battery factory are scheduled to be operational by 2025.

In Glendale, Kentucky, Ford and SKI aim to build a $5.8 billion, 600-hectare battery production complex. Known as the BlueOvalSK Battery Park, the project has two adjacent plants, each capable of producing 43GWh per year. The batteries produced will be used in the next generation of Ford and Lincoln electric vehicles. The two battery factories are also planned to be operational by 2025, creating up to 5,000 jobs.

Of the total investment of US$11.4 billion, Ford will undertake US$7 billion and SKI will undertake US$4.45 billion. Ford said the payment is part of its more than $30 billion investment in electric vehicles by 2025. Ford expects 40-50 percent of its global vehicle sales to be fully electric by 2030.

"This is a pivotal time for Ford to lead America's transition to electric vehicles and usher in a new era of clean, carbon-neutral manufacturing," said Ford Chairman Bill Ford. "Through this investment and our innovative spirit, we can achieve what was once thought to be are incompatible goals, to protect our planet, make great electric cars that Americans love, and contribute to our nation's prosperity.