The news: Ford announced plans to build its first new US assembly plant in decades, along with three battery factories intended to strengthen its position in the EV market, per The Wall Street Journal.
Why it’s worth watching: Ford’s announcement marks a major step toward fulfilling its pledge to shift its business toward EVs. It was one of the companies that made a commitment to President Biden that half of the cars and light trucks sold in the US by 2030 will be EVs.
Why this could succeed: Ford has established a reputation as the leading truck manufacturer. Its F-Series pickup truck has been America’s best-selling vehicle for 39 straight years and is the industry’s top-selling truck for 44 consecutive years, per CNBC.
Ford has the market position to lead the move toward electric pickup trucks. The company says it is already seeing higher-than-expected demand for its forthcoming electric F-150 Lightning pickup truck, with more than 150,000 nonbinding reservations since its announcement in May.
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