GLENDALE, Ky. (LEX 18) — Kentucky House Speaker David Osborne says plans for Ford to make a $5.8 billion investment in Kentucky is a "huge win" for the state.
On Monday, Ford Motor Company announced Monday it will bring two new campuses to Kentucky and Tennessee. They will produce the next generation of electric F-Series trucks and the batteries to power future electric Ford and Lincoln vehicles. The project is expected to create 5,000 full-time jobs.
"This is a huge win for our state and we welcome the opportunity to grow our partnership with a proven leader like Ford," said Osborne in a statement. "Their decision to expand their presence as part of their relationship with SK Innovation is proof that the policies crafted by the legislature are making Kentucky a better place to work and build a business."
In Glendale, Kentucky, Ford plans to build a battery manufacturing complex with SK Innovation – the $5.8 billion BlueOvalSK Battery Park – creating 5,000 jobs.
"Broadening the tax base, while lowering tax rates; cutting unnecessary bureaucracy; and allowing hardworking people to keep more of the money they earn will spur even more job growth," said Osborne.
"It is difficult to overstate just how important this announcement is for Kentucky," said Kentucky House Democratic Caucus Leaders Joni Jenkins, Derrick Graham, and Angie Hatton in a statement. "Ford is the reason our contributions to the automotive industry date back more than a century, and now Ford and SK Innovation are guaranteeing an even brighter future as the commonwealth prepares to take a leading role in the industry’s historic shift to electric vehicles.
"We want to thank these companies for investing so much in Kentucky, and our caucus was proud to join with Governor Beshear and our fellow legislators to make sure the state and its considerable assets – especially our workforce – were not just competitive, but victorious. What makes this news even better is that this announcement all but guarantees other suppliers will be locating here as well in the years ahead. There is no doubt we will continue being at the epicenter of the auto industry for decades to come."
Ford's $7 billion of the $11.4 billion investment is the largest manufacturing investment in the company's 118-year history. The campus is projected to open in 2025.