Ford CEO Jim Farley slashes plans for new battery cell plant in latest sign the EV sales bonanza may be over

Dearborn MI November 21, 2023; Ford CEO Jim Farley; "While we remain bullish on our long-term strategy for electric vehicles, we are re-timing and resizing some investments. As stated previously, we have been evaluating BlueOval Battery Park Michigan in Marshall.

We are pleased to confirm we are moving ahead with the Marshall project, consistent with the Ford+ plan for growth and value creation. However, we are right-sizing as we balance investment, growth, and profitability. The facility will now create more than 1,700 good-paying American jobs to produce a planned capacity of approximately 20 GWh.

We still expect BlueOval Battery Park Michigan to be the first of Ford’s battery plants of this kind when it begins producing LFP battery cells starting in 2026."

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About Ford Motor Company

Ford Motor Company is a global company based in Dearborn, Michigan, committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for customers and deepen their loyalty. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, along with connected services. The company does that through three customer-centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough EVs along with embedded software that defines exceptional digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs. Additionally, Ford is pursuing mobility solutions through Ford Next, and provides financial services through Ford Motor Credit Company. Ford employs about 177,000 people worldwide. More information about the company and its products and services is available at corporate.ford.com.